Oil production cuts to boost price

Saudi Arabia has pledged to cut oil production by one million barrels per day (bpd) from July. The cut is on top of previous OPEC+ cuts to limit supplies as the group seeks to boost oil prices

 
Brent crude (price per barrel)

Sep 30, 2022: $85.14

Oct 5: OPEC+ announced cuts of 2 million bpd
Oct 7: Price jumps to $97.92

Dec 9: $75.89

Jan 23, 2023: $84.55

Mar 15: US$71.81

Mar 30: $76.79

Apr 2: OPEC+ announces further cuts of 1.66 million bpd

Apr 12: $83.34

Jun 5: $77.85

$100
90
80
70

Oct Nov Dec Jan Feb Mar Apr May Jun


OPEC+ cuts (Oct 2022-Jun 2023)

4,612,000 bpd – equivalent to 4.7% of global demand

Saudi Arabia 2,026,000
Russia 1,026,000
Iraq 431,000
UAE 304,000
Kuwait 263,000
Kazakhstan 156,000
Nigeria 124,000
Other OPEC+ 282,000
      

Sources: Bloomberg, CSIS, OPEC press releases, Reuters 
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