Saudi Arabia said Monday that it would extend a cut in oil production of 1 million barrels a day that it announced in June through at least August, trying to push up what officials view as stubbornly weak oil prices.
Saudi Arabia and Russia announced Monday that they would make additional cuts to oil supply as a global economic slowdown hangs over the outlook for energy demand.
Oil price will likely be stuck in the $72-77 range near-term despite Saudi Arabia and Russia's crude production cuts due to the uncertain economic climate.
LONDON — Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world in a bid to prop up prices, showing how two of the world’s largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with
Russia and Saudi Arabia say they will extend previously announced cuts in oil supply this summer, a move by two major oil producers that could drive global markets higher amid a busy travel season in the U.S. and Europe.
Saudi Arabia and Russia on Monday announced separate plans to trim their crude oil production even further, ahead of a meeting of the core members of OPEC later this week.
The kingdom's energy minister called for more transparency in the market, despite several news organizations being prohibited from reporting on the OPEC conference he was speaking at.
Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say.
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