Home of Lisa's Top Ten, the daily email that brings you the world.
DONATE
SUBSCRIBE

Lisa's Top Ten

Untitled(Required)

Saudi Arabia and Russia are Cutting Oil Supply Again in Bid to Boost Prices

A photographer takes pictures of the Khurais oil field during a tour for journalists, 150 km east-northeast of Riyadh, Saudi Arabia, on June 28, 2021. (AP Photo/Amr Nabil)
A photographer takes pictures of the Khurais oil field during a tour for journalists, 150 km east-northeast of Riyadh, Saudi Arabia, on June 28, 2021. (AP Photo/Amr Nabil)

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 the economy.

The decision gave a slight boost to oil prices Monday and comes after the Saudis announced a large cut in output for July at the latest meeting of the OPEC+ coalition of oil producers — raising concerns that gasoline prices for U.S. drivers could start ticking up.

The Saudi Energy Ministry said it would extend July’s cut of 1 million barrels per day through August to support “the stability and balance of oil markets.” That will keep the Gulf nation’s output at 9 million barrels per day.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said his country will cut production by an additional 500,000 barrels a day in August, according to Russian news reports.

The voluntary reductions come on top of earlier cuts that the OPEC oil cartel, led by Saudi Arabia, and allied producers, led by Russia, agreed to extend through next year.

Related Story: U.S. Allies Snap Up Russian Oil, Sell Their Own to Boost Profits

Read More

Total
0
Shares
Related Posts
Shutterstock
Read More

Economists: Recession on Horizon

By: Bethany Blankley | The Center Square Americans should brace for and expect a recession this year, economists…