Global Oil Prices Rise After Saudi and Russia Production Cut Extension

Global Oil Prices Rise After Saudi and Russia Production Cut Extension

On February 4, 2026, global oil benchmark prices increased following announcements that Saudi Arabia and Russia agreed to extend voluntary crude production cuts through March.

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that the Kingdom would maintain reductions, and Russia’s Energy Ministry stated it would continue its own supply constraints as part of a broader OPEC+ strategy.

The extension followed recent market concerns about demand growth in key economies, including China and Europe, and traders adjusted positions accordingly.

Benchmark Brent crude rose above $85 per barrel in early trading, while U.S. West Texas Intermediate futures also recorded gains on the production cut news.