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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.
Russia’s Deputy Prime Minister Alexander Novak said that his country would voluntarily cut supplies by 500,000 barrels per day in August by cutting exports. Reuters reported, citing Novak’s office, that Russia would reduce production by that amount, deepening a cut of the same size Moscow implemented in March.
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. ET. WTI, the US benchmark, rose 0.8% to $71. Oil prices have fallen by more than 40% since March last year when they hit a 14-year high in the wake of Russia’s full-scale invasion of Ukraine.
Saudi Arabia needs Brent crude to trade at around $81 a barrel in order to balance its budget, according to the International Monetary Fund. The kingdom has slipped back into a budget deficit this year after reporting a surplus in 2022 for the first time in almost a decade.
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