Saudi Arabia and Russia have extended the oil production cuts.
On Wednesday, September 5th, Saudi Arabia and Russia, the world’s largest oil exporters, extended their voluntary oil production cuts until the end of 2023.
According to separate statements from Moscow and Riyadh, a total of 13 million barrels of crude oil will be withheld from the global market by the end of this calendar year, which could lead to an increase in energy prices.
As a result of the decisions made by these two countries, the price of Brent crude oil reached over $90 per barrel on Wednesday afternoon, which is unprecedented since November of last year.
The maximum fluctuation in the price of Brent crude oil reported last October was between $75 and $85 per barrel.
One of the consequences of this decision will be an increase in fuel prices in the United States, which, according to analysts, could create problems in the relationship between Washington and Riyadh.
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