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Crude Hits 90$/bbl on Saudi, Russia Cuts

OIL

Brent front month surged to $90.32/bbl following the headlines that Saudi Arabia will extend its 1mbpd voluntary output cut by three months until the end of December according to the SPA, while Russia announced to continue exports cuts of 300kbpd until the end of the year according to Deputy Prime Minister Alexander Novak.

  • Brent NOV 23 up 1.1% at 90.01$/bbl
  • WTI OCT 23 up 1.7% at 86.97$/bbl
  • Brent prices last hit $90/bbl on 18 November 2022.
  • Markets expected both countries to extend some voluntary cuts into October. Previously, both nations announced reductions to exports and output on a rolling month by month basis.
Energy BulletsCommodities
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