Russia, Saudi Arabia Stick to Cuts Ahead of JMMC Meeting

Saudi Arabia and Russia reiterated their intention to stick to the current output and exports cuts and are planning to review current cuts next month, according to the Saudi Press Agency and Russia’s Deputy Minister Alexander Novak said.

• Saudi Arabia announced it will keep its 1mbpd output cut in place until the end of December. The decision of its voluntary output cut will be reviewed next month to consider deepening the cut or increasing production an official source from the Ministry of Energy said via the Saudi Press Agency.
• Russia’s Deputy Prime Minister Alexander Novak also reaffirmed that Russia will maintain its 300kbpd cut in crude exports in place until the end of the year. Russia will review its oil supplies again next month “to consider deepening the cut or increasing production,” depending on the market situation, Novak said.
• The OPEC Joint Ministerial Monitoring Committee (JMMC) will hold a virtual meeting today but no changes in policy are expected. The meeting is scheduled to start at 12:00 CET (11:00BST), Amena Bakr, Chief OPEC Correspondent at Energy Intelligence said via X.