Both Saudi Arabia and Russia have announced that they will maintain their oil supply cuts in November.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments1 day5 daysTsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Expectations were that no changes would be made during this meeting, and oil prices were trading slightly lower on Wednesday morning.Saudi Arabia and Russia, the key OPEC+ partners, will be keeping their oil supply cuts in November despite the recent crude oil price rally. Saudi Arabia continues with the extra 1 million bpd cut in November and December and thus the Kingdom’s oil production will be approximately 9 million bpd until the end of the year, the Saudi Ministry of Energy said as carried by the official
Both Saudi Arabia and Russia reiterated today that the ongoing oil supply cuts are aimed at keeping “stability and balance on the oil markets.”
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