OPEC+ to extend supply cuts into September – state media agencies

The Organisation of the Petroleum Exporting Countries' (OPEC) de facto leader Saudi Arabia and its ally Russia will be extending crude oil supply cuts into September, state media agencies have reported.

PHOTO: Oil barrels in the colour of flags of OPEC+ member countries on a world political map background. Getty Images

Saudi Arabia will be extending its voluntary output cut of 1 million b/d into September as well, its state media agency SPA said on Thursday, citing an official source from the kingdom’s Ministry of Energy.

Saudi’s production for the month of September will be about 9 million b/d, Saudi Press Agency (SPA) further added, citing the source.

Separately, Russian Deputy Prime Minister Alexander Novak has announced that Russia will continue output cuts for another month, including September as well. The country's media agency TASS on Thursday also reported that the country will reduce oil output by 300,000 b/d in September to “balance the market”.

Following these announcements, the front-month ICE Brent contract was trading at $85.29/bbl at 07:04 AM GMT.

By Aparupa Mazumder 

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