# Saudi Arabia, Russia extend oil production cuts to end of year

> Saudi Arabia and Russia prolonged their unilateral oil production cuts by three months, a larger move than traders expected. Saudi output is held near 9 million barrels per day, and Russia's export reduction is 300,000 barrels per day. Brent rose about 1.5% to around $90 a barrel.

- Date: 2023-09-05 · published 2023-09-05T12:00:00.000Z
- Category: policy · region Saudi Arabia · magnitude high
- Page: https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A larger-than-expected cut tightens crude supply and supports higher energy prices, which raise diesel, freight and fertilizer costs for feed producers. Stronger crude can also support biofuel demand for vegetable oils and corn.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| BRENT | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.3% | +4.3% |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |
| BRENT | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.7% | +5.3% |
| WTI | 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) | +1.3% | +7.9% |
| WTI | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -8.3% | +2.6% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2023/9/5/saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year/

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