Saudi Arabia and Russia extended their oil production cuts
Saudi Arabia and Russia, the world’s largest oil exporters, extended their voluntary oil production cuts until the end of 2023 on Tuesday, September 5th.
According to two separate statements from Moscow and Riyadh, 13 million fewer barrels of crude oil will be supplied to the global market by the end of this year, which may lead to an increase in energy prices.
Influenced by the decision of these two countries, the price of Brent crude oil per barrel rose above $90 on Tuesday afternoon, which is unprecedented since November of last year.
The maximum fluctuation in Brent crude oil prices last October was reported to be between $75 and $85.
One of the consequences of this decision will be an increase in vehicle fuel prices in the United States, which analysts believe could strain relations between Washington and Riyadh.
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