Saudi Arabia and Russia decided on Tuesday to extend their voluntary oil cuts until the end of December 2023. According to SPA, Saudi Arabia’s state news agency, the country shared it will be continuing its cut of one million barrels per day from October to the end of December, with its production expected to remain at around nine million barrels per day throughout the year. Meanwhile, Russian Deputy Prime Minister Alexander Novak told reporters that the country will do the same and extend its oil output slashes as well, until the end of 2023, cutting the production by 300,000 barrels per day. Novak underlined that the action was taken in order to keep the crude market in balance. Both Riyadh and Moscow stressed that they will be conducting monthly reviews to determine whether deeper or shallower cuts are needed. The question now is whether this move should be viewed through a bullish or bearish lens. While production cuts from Saudi Arabia could be seen as bullish in restricting global oil supplies, the bears are quick to point out that this means Saudi Arabia does not see China’s crude oil demand rising enough to warrant loosening the reins on its current production cut strategy. Originally, Saudi Arabia had proposed the additional 1 million bpd supply cut—a voluntary supply cut–as a July-only event. Later, however, Saudi Arabia extended the production cut into August and September. The cut is not required as part of the deal reached with its OPEC and OPEC+ groups, rather it is in addition to the OPEC mandates. NN: Congratulations…. We creamed the cherry!