# Saudi Arabia, Russia to continue voluntary oil cuts | Reuters

> Saudi Arabia and Russia said on October 4 that they will continue their voluntary oil supply cuts through year end, as tightening supply and rising demand support prices. The cuts cover Saudi output of about 1 million bpd and a Russian export reduction of about 300,000 bpd.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Keeping more than 1.3 million bpd off the market supports crude prices, which feed into diesel and freight costs for feed producers. Prices remain sensitive to demand worries, so the cuts limit downside but do not guarantee a rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -1.4% | -2.5% |
| WTI | 2024-03-03 | [Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June](https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply.md) | -2.4% | +4.6% |
| WTI | 2023-08-01 | [Saudi Arabia expected to extend voluntary oil cut for September, analysts say](https://feedsoft.ai/events/34943-saudi-arabia-expected-to-extend-voluntary-oil-cut-for-september-analysts-say.md) | +0.2% | -1.6% |
| WTI | 2023-07-03 | [Saudi Arabia, Russia deepen oil cuts, sending prices higher](https://feedsoft.ai/events/35201-saudi-arabia-russia-deepen-oil-cuts-sending-prices-higher.md) | +3.4% | +15.8% |
| 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 | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| BRENT | 2024-03-03 | [Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June](https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply.md) | -1.2% | +3.1% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/saudi-arabia-continue-voluntary-cut-one-million-bpd-2023-10-04/

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