As of 18:41 Moscow time, November Brent futures were trading around 91 dollars and some change per barrel, a reading supported by ICE exchange data. The day’s momentum in the oil market reflected ongoing adjustments in supply expectations among major producers and a broader reassessment of demand prospects amid evolving global economic signals.
The WTI October futures on the New York Mercantile Exchange moved higher, lifting roughly 2.7 percent to just under 88 dollars per barrel. The advance followed announcements from Saudi Arabia and Russia outlining extended production cuts, signaling a coordinated effort to tighten supply signals and stabilize price movements as markets digest several moving parts in the global energy landscape.
Specifically, Alexander Novak, the deputy prime minister of the Russian Federation, confirmed that the additional voluntary cut would be kept in place at 300,000 barrels per day through the end of 2023. The extension was framed as a measure to calm market volatility and prevent a potential oversupply scenario that could weigh on prices in the near term.
Meanwhile, Saudi Arabia stated that its own cut would be extended by 1 million barrels per day. The kingdom indicated that crude production in the October to December period would hover around 9 million barrels per day, a level that underscores the continued willingness of major producers to adjust output in response to price signals and demand forecasts.
Analysts have offered varied expectations about the trajectory of oil prices. A long-standing market watcher, Gary Ross, has suggested that prices could drift toward the 90 to 100 dollar range by year-end, citing a pickup in demand from China as a primary driver behind that potential move. The view rests on an ongoing recovery in Chinese demand and the broader alignment of global consumption with supply discipline among major producers.
Observers note that Russia’s latest price actions come at a time when markets are reassessing inventories, refinery runs, and the pace of economic activity across key regions. The coordinated cuts reflect a broader strategy to manage price volatility, support a sustainable price level, and balance the delicate interplay between supply discipline and demand renewal as the year draws to a close.
In the bigger picture, traders are weighing the impact of geopolitical dynamics, currency fluctuations, and seasonal demand shifts on price paths. Oil markets often respond not only to explicit production announcements but also to the tone of official communications, the pace of economic indicators, and shifts in energy policy from leading consuming nations. The current messages from Saudi Arabia and Russia contribute to a narrative of measured supply restraint aimed at stabilizing prices while capacities elsewhere adapt to evolving market conditions.
As supply-side constraints linger, market participants watch indicators such as refinery utilization rates, import/export flows, and regional demand signals to gauge whether the current cuts will translate into sustained price support. The balance remains sensitive to the pace of economic reopening, the path of global inflation, and any changes in expectations around energy transition goals that influence long-term demand for crude and refined products. In this context, the market’s next moves will likely hinge on new data from major economies and continued commentary from leading producers, all contributing to a dynamic, data-driven assessment of where prices may head next. Price behavior in the near term will reflect how quickly demand can recover and how effectively supply cuts can be maintained across the complex web of global crude markets.