Russia Considers Further Oil Export Cuts as Red Sea Ship Attacks Raise Concerns

Russia plans to deepen its oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, in an effort to support the global oil price. This comes after Saudi Arabia and Russia called for all OPEC+ members to join an agreement on output cuts. Russian Deputy Prime Minister Alexander Novak stated that Russia had already agreed to cut 300,000 barrels per day this year, but would add additional volumes in December. Novak also expressed hope for an agreement between Gazprom and Chinese producer CNPC on gas sales through the Power of Siberia-2 pipeline.