Saudi Arabia extends voluntary oil cut - report

Saudi Arabia has extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, CNBC reported, citing the state-owned Saudi Press Agency.

Riyadh first applied the reduction in July and has since extended it on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organisation of the Petroleum Exporting Countries (OPEC) have put in place until the end of 2024.

Fellow major producer Russia - which leads the contingent that joins OPEC nations in the OPEC+ coalition - also pledged to voluntarily cut exports by 500,000 barrels per day in August and by 300,000 barrels per day in September.

The cuts are described as voluntary because they are outside of OPEC+’s official policy, which commits every non-exempt member to a share of production quotas.

The Ice Brent futures contract with November delivery was up $1.07 per barrel to $90.07 per barrel, with WTI futures higher by $1.40 per barrel to $86.95 per barrel.

Reporting by Frank Prenesti for Sharecast.com