Oil Prices Gain Nearly 2% after Saudi and Russia Confirm Production Cut into December

Saudi Arabia confirmed the extension of its unilateral 1 million barrel per day production cut into December, while Russia also maintained its production cut of 300,000 barrels per day into December as well.

The Saudi Press Agency just reported that an official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day into December 2023. The cut was implemented in July 2023.

Soon after the statement from the Saudi agency, Moscow confirmed that it will maintain 300,000 barrels of production cut into December as well.


As of 17:59 BKK time on Monday, the international benchmark Brent crude rose $1.37 or 1.61% to $86.26 a barrel. Meanwhile, the West Texas Intermediate (WTI) gained $1.42 or 1.76% to $81.93 a barrel.