OilPrice.com: Oil Prices Jump As Russia And Saudi Arabia Extend Cuts
Oil prices jumped dramatically on Tuesday morning as Saudi Arabia announced it would extend its production cuts until the end of the year and Russia announced it would extend its export cuts of 300,000 bpd for the same period.
Russia extended its voluntary decision to curb crude exports by 300,000 b/d until December 2023, acting in concert with Saudi Arabia, with the alleged aim of maintaining stability and balance in the oil markets.
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WNU Editor: A prediction. These productions are not going to be rescinded. And months before the US elections next year, there will be more significant production cuts in the hope that this will damage the Biden administration’s chances of being re-elected.
Russia And Saudi Arabia Extend Oil Production Cuts