Saudis to Stick With 1 Million-Barrel Oil Supply Cut For Now

Output curbs total more than 1 million barrels per day
Monitoring committee doesn’t recommend any policy changes

WATCH: OPEC+ ministers are showing no appetite for reversing output cuts that have been squeezing global supply. Elizabeth Low reports.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Grant Smith and Salma El Wardany

October 4, 2023 at 8:09 AM UTC

Updated on

October 4, 2023 at 11:41 AM UTC

This article is for subscribers only.

Saudi Arabia and Russia reaffirmed that they will stick with oil supply curbs of more than 1 million barrels a day until the end of the year as a rally in prices falters.

The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude production by 1 million barrels a day, and Moscow is curbing exports by 300,000 a day, on top of earlier cuts made with fellow OPEC+ nations.