Saudi Arabia has confirmed its decision to continue a production cut of 1 million barrels of oil per day until the end of the year. This announcement may further support oil prices, which are currently around $90 per barrel. The production cuts initially announced by Saudi Arabia and Russia in July have contributed to higher pump prices, bolstered Moscow’s finances, and complicated global efforts to combat inflation.
The Saudi Energy Ministry, in a statement attributed to an official source, reiterated that the cuts would extend through December, with the kingdom producing 9 million barrels per day in November and December. The statement also mentioned the possibility of reviewing the voluntary cut decision in the coming month to consider deeper cuts or production increases.
In Wednesday’s trading at NSE:
ONGC shares closed at Rs.183.05, down 0.84%.
HPCL shares closed at Rs.249.95, down 1.75%.
BPCL shares closed at Rs.341.85, up 0.15%.
IOC shares closed at Rs.89.15, down 0.94%.
RIL shares closed at Rs.2,314.10, down 0.17%.