# Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices | South China Morning Post

> Saudi Arabia extended its unilateral 1 million bpd oil production cut into August and could deepen it further. Russia will cut oil exports by 500,000 bpd in August, and Algeria will reduce output by 20,000 bpd.

- Date: 2023-07-04 · published 2023-07-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/34947-saudi-arabia-and-opec-partner-russia-extend-oil-supply-cuts-to-august-to-prop
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The combined Saudi and Russian cuts remove about 1.5 million bpd from the market, which supports crude prices and raises diesel and energy costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| 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 | 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% |
| 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% |
| 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% |
| WTI | 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) | -8.8% | -5.2% |
| 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 | 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% |

## Sources

- scmp.com: https://www.scmp.com/business/commodities/article/3226467/saudi-arabia-and-opec-partner-russia-extend-oil-supply-cuts-august-prop-prices

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