Inspenet, July 18, 2023.<\/p>\n\n
A report by the International Energy Agency (IEA) projects a decline in Riyadh’s oil production during the months of July and August. This month the Arab country announced the extension of its voluntary cuts of one million barrels a day until August.<\/p>\n\n
According to IEA forecasts, Russia will surpass Saudi Arabia as the main oil producer within the OPEC+ group. Crude output in Riyadh is estimated to drop to 9 million barrels a day in July and August (the lowest level in two years), putting the kingdom behind Russia as the leading producer in the 23-member bloc. oil-producing countries, which represents approximately 40% of world production.<\/p>\n\n
This IEA projection comes after the Arab country’s decision to extend its cuts for an additional month, in an effort to balance crude oil prices.<\/p>\n\n
This month, Riyadh extended voluntary cuts of 1 million barrels a day until August, while Moscow pledged to reduce its exports by 500,000 barrels a day<\/strong><\/a> during August.<\/p>\n\n In June, both main OPEC+ producers maintained the oil extraction levels of May, respectively reaching 9.98 million and 9.45 million barrels per day<\/strong> .<\/p>\n\n Prince Abdulaziz bin Salman, the Arab energy minister, highlighted his country’s strong cooperation with Russia in the oil sector in early July. In addition, he assured that OPEC+ would do everything necessary to support the oil market and satisfy the interests of both consumers and producers.<\/p>\n\n Several countries within the bloc expressed their willingness in April to reduce daily crude production by a total of 1.66 million barrels until the end of 2023, and agreed to continue with the cuts next year.<\/p>\n\n