London CNN —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. Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day in its oil production at least until the end of August. The cut, which took effect on Saturday, was initially planned to last for the month of July in an attempt to shore up oil prices. The announcements sent prices for Brent crude, the global oil benchmark, up 0.7% to trade at $76 a barrel at 7.15 a.m. Taken together, the cuts will reduce Saudi Arabia’s total oil output to nine million barrels per day.

Source: CNN July 03, 2023 13:55 UTC