Russia and Saudi Arabia, the world's top oil exporters, confirmed that their voluntary crude oil supply cuts would continue until the end of 2023, Reuters reported on Nov. 5.
The cuts will drive up oil prices worldwide.
A source in the Saudi Energy Ministry confirmed in a statement that the country would continue to cut production by 1 million barrels per day (bpd).
"This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the source said.
Russia then announced it would maintain its voluntary cut of 300,000 bpd through the end of the year.
OPEC+, an umbrella which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, primarily Russia, has imposed restrictions on crude oil supplies since last year and called for additional cuts in April 2023.
The stated aim of the restrictions is the stability of the global oil market.
United States President Joe Biden warned of "consequences" for Saudi Arabia after OPEC imposed supply cuts in Oct. 2022, criticizing the Riyadh government for coordinating with Moscow.
Higher oil prices could help Moscow fund its war against Ukraine and combat the impact of Western sanctions.