OPEC+ Production Cuts Push Up Global Oil Prices in Q3 2023

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Adi Ahdiat 06/09/2023 10:18 WIB

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Global oil prices resumed their upward trajectory in the third quarter of 2023, following a downward trend in the first half of the year. According to the EIA, this increase is attributed to Saudi Ar

Average Monthly Global Oil Prices (January 2020-August 2023)

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Average Monthly Global Oil Prices (January 2020-August 2023)

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Global oil prices rose again in the third quarter of 2023, after a decline in the first half of the year.

According to World Bank data, the average Brent crude oil price in August 2023 reached US$86.16 per barrel. This is a 7.6% increase compared to July 2023 (month-on-month/mom), and a 3.7% increase compared to the beginning of the year (year-to-date/ytd).

In August 2023, West Texas Intermediate (WTI) crude oil prices also rose by 6.56% (mom) and increased by 4.21% (ytd) to US$81.40 per barrel.

According to the U.S. Energy Information Administration (EIA), this price increase is influenced by Saudi Arabia's move to cut its oil supply.

"Crude oil prices increased, primarily due to Saudi Arabia's reduction in crude oil production and rising global demand," the EIA stated in its August 2023 Short-Term Energy Outlook.

"We expect these factors to continue to reduce global oil inventories and put upward pressure on oil prices in the coming months," it continued.

At the beginning of September 2023, the Saudi Arabian Ministry of Energy announced it would continue its oil production cuts until the end of the year.

"The oil production cuts that came into effect in July 2023 will continue for the next three months until the end of December 2023," the Saudi Arabian Ministry of Energy said in its report released by Arab News on Tuesday (September 5, 2023).

According to Arab News, the Saudi Arabian government will also conduct a monthly evaluation to determine whether its production cuts will be increased or not.

This evaluation is carried out by Saudi Arabia together with member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its alliance, OPEC+.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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OPEC+ Production Cuts Push Up Global Oil Prices in Q3 2023

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