The Saudi Arabia and Russia oil output cuts announced on Monday, July 3, amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million barrels per day.
and allies led by Russia, has already been cutting supply to boost prices since November last year due to weaker Chinese demand and rising US supply but so far has failed to move them much from a range of $70 to $80 a barrel.
Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day for another month to include August, adding that the cut could be extended beyond that month. Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.Later on Monday, Algeria said it would cut oil output by an extra 20,000 barrels from August 1 to 31 to support efforts by Saudi Arabia and Russia to balance and stabilize oil markets, its energy ministry said.
OPEC+, which pumps around 40% of the world’s crude oil, already has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd
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