Saudi Arabia is going to extend the voluntary cut in oil production for a month. The oil state reports this in a statement published by the state news agency Saudi Press Agency.
Earlier, Saudi Arabia already decided to cut oil production by one million barrels per day in July. That measure has now been extended until August. With this, the country wants to prop up oil prices.
The Saudi measures are supported by Russia. Deputy Prime Minister Alexander Novak said his country will cut oil exports by 500,000 barrels per day in August. As a result, global stocks are further limited.
Russia had previously pledged to cut production by 500,000 barrels per day from March to the end of the year to 9.5 million barrels per day. Saudi Arabia will produce about 9 million barrels per day due to the cut. That is the lowest level in years.
2023-07-03 13:18:33
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