# Saudi energy minister says Riyadh-Moscow oil cuts showed unity with Russia

> Saudi Energy Minister Prince Abdulaziz bin Salman said the latest Saudi and Russian oil cuts show unity between the two countries. Saudi Arabia extended a 1 million bpd cut into August and Russia announced a 500,000 bpd export reduction.

- Date: 2023-07-05 · published 2023-07-05T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/34946-saudi-energy-minister-says-riyadh-moscow-oil-cuts-showed-unity-with-russia
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Coordinated cuts from the two largest producers support crude prices, though the statement itself adds little new supply tightening.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-14 | [Q&A: Saudi Energy Minister Highlights Oil Market Risks \| Energy Intelligence](https://feedsoft.ai/events/36773-q-and-a-saudi-energy-minister-highlights-oil-market-risks-energy-intelligence.md) | -8.9% | +7.8% |
| BRENT | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -1.1% | -4.3% |
| BRENT | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -8.9% | +7.8% |
| 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 | 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) | +5.2% | +13.4% |
| WTI | 2023-03-14 | [Q&A: Saudi Energy Minister Highlights Oil Market Risks \| Energy Intelligence](https://feedsoft.ai/events/36773-q-and-a-saudi-energy-minister-highlights-oil-market-risks-energy-intelligence.md) | -9.5% | +9.1% |
| WTI | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -3.0% | -6.5% |
| WTI | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -9.5% | +9.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/07/05/saudi-energy-minister-says-riyadh-moscow-oil-cuts-showed-unity-with-russia.html

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