KSA, Russia, Algeria Extend & Expand Export Cuts

Following the July 5 meeting of OPEC Energy and Oil ministers attending the 8th OPEC International Seminar in Vienna, the Ministers met on the sidelines and took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC counterparts in their continued efforts to support a stable and balanced oil market.

The Ministers expressed their appreciation to the Kingdom of Saudi Arabia (KSA) for extending its 1 million barrel per day (bpd) voluntary cut for the month of August. They also thanked the Russian Federation for its additional voluntary reduction of exports by 500,000 bpd and Algeria for its additional voluntary cut of 20,000 bbd for the month of August.