Saudi Arabia Extends 1M-Barrel Oil Cut, Leaves Option to Deepen
🛢Saudi Arabia Extends 1M-Barrel Oil Cut, Leaves Option to Deepen.
Saudi Arabia has extended its unilateral oil production cut of 1 million barrels a day into September, and the country says it may extend or deepen the cuts further. This move by the leader of the Organization of Petroleum Exporting Countries (OPEC) is aimed at supporting the stability and balance of oil markets. The output cut will keep Saudi Arabia's production at about 9 million barrels a day, the lowest level in years. Crude futures rose in response to the announcement. Russia, a key ally of Saudi Arabia and a member of the OPEC+ producers group, also said it will extend its export curbs but with a slight tapering. The decision to extend the output cuts was expected by traders and analysts, as oil prices have recovered recently and the economic outlook remains uncertain.
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