Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

July 4, 2023

Saudi Arabia and Russia have announced that they will extend cuts to their oil production in order to support prices. The Saudi Energy Ministry will maintain its output at 9 million barrels per day, while Russia will reduce production by an additional 500,000 barrels a day in August. These voluntary cuts are in addition to earlier reductions agreed to by the OPEC oil cartel and allied producers. Despite the cuts, oil prices have not seen a significant increase, which has provided relief for consumers. The uncertain outlook for fuel demand amid economic weakness and travel restrictions remains a concern for oil producers.

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