Saudi Arabia and Russia announce new oil cuts ...Middle East

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Saudi Arabia and Russia announce new oil cuts
source : The Hill ( Middle East ) () 27
Major oil hubs Saudi Arabia and Russia announced new oil supply cuts, in what Saudi Arabia described as an attempt to “stabilize markets.” Saudi Arabia’s move was announced in the state-run Saudi Press Agency, which said that the kingdom will extend July cuts of one million barrels per day into August. For that month, Saudi Arabia is expected to produce 9 million barrels. The state news agency cited a source who described the cuts as having the goal of “supporting the stability and balance of oil markets.” The cuts could drive up oil prices, which is something oil producers like Saudi Arabia may benefit from. Russia will also cut its exports of the fuel.  "Within the efforts t

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