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.
Michael Burry calls Nvidia ‘heck of a trade’ after Huang’s scandal sparks $430 bn selloff. Why is Big Short fame dismissing fears?
Michael Burry sees a near-term trading opportunity in Nvidia despite his broader concerns about AI valuations. The Big Short investor believes Jensen Huang’s personal controversy
November 11, 2026