Riyadh and Moscow, pillars of the OPEC+ alliance of oil-exporting countries, announced on Sunday the extension of their voluntary production cuts until mid-2024.
In both Riyadh and Moscow's cases, these measures are in addition to the 500,000 bpd reduction announced in April 2023 © Mena Today
Riyadh and Moscow, pillars of the OPEC+ alliance of oil-exporting countries, announced on Sunday the extension of their voluntary production cuts until mid-2024 in an effort to support oil prices. Saudi Arabia will continue to reduce its production by one million barrels per day (bpd) for the period from April to June, as announced by its Ministry of Energy, cited by the official Saudi Press Agency (SPA).
Russia also reported an extension of the reduction by 471,000 bpd, covering both production and exports. Despite a smaller share in the federal budget than before the conflict in Ukraine, revenue from hydrocarbon sales remains essential for Moscow as its economic activity focuses on the war effort to support its military assault on its neighbor.
In both Riyadh and Moscow's cases, these measures are in addition to the 500,000 bpd reduction announced in April 2023, which runs until the end of 2024.
Other members of the alliance, such as Kuwait, are also expected to extend their cuts, albeit to a lesser extent. This coordinated strategy was unveiled in spring 2023 for a total of 1.6 million bpd, before being reinforced by additional efforts from Moscow and Riyadh.
More than 1.7 million Muslim pilgrims gathered in the valley of Mina near Mecca on Wednesday to perform the Stoning of the Devil, the final major ritual of the Hajj, on the first day of Eid al-Adha, as fears of a renewed Middle East conflict cast a shadow over the world's largest annual gathering.
The reinstated chair of Turkey's main opposition party Kemal Kilicdaroglu said on Wednesday the party will hold a congress once legal conditions are met, after a court ousted the previous leadership, triggering an internal crisis and market volatility last week.
Iran's state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict.
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