# Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June

> Saudi Arabia will keep its voluntary crude cut of 1 million barrels per day through June, leaving output near 9 million barrels per day. Russia will also trim production and exports by a combined 471,000 barrels per day until the end of June.

- Date: 2024-03-03 · published 2024-03-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sustained supply restraint from the two largest producers supports crude prices, which influence biofuel economics and transport costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| BRENT | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.8% | -6.0% |
| BRENT | 2023-07-04 | [Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices \| South China Morning Post](https://feedsoft.ai/events/34947-saudi-arabia-and-opec-partner-russia-extend-oil-supply-cuts-to-august-to-prop.md) | +4.3% | +14.5% |
| BRENT | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.4% | +7.8% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |
| WTI | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.1% | +3.8% |
| WTI | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.7% | -8.8% |
| WTI | 2023-07-04 | [Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices \| South China Morning Post](https://feedsoft.ai/events/34947-saudi-arabia-and-opec-partner-russia-extend-oil-supply-cuts-to-august-to-prop.md) | +7.3% | +16.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/03/03/saudi-arabia-to-extend-1-million-barrel-per-day-crude-oil-output-cut-until-the-end-of-june.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.