(August 3, 2023)

It’s the second time the kingdom has extended the cut, which was first announced in June after a meeting of the alliance between Organization of the Petroleum Exporting Countries, Russia and other smaller producers.

At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters.

US oil prices rose 1.6% on Thursday to $81.05 a barrel. Brent crude, the world benchmark, jumped 1.5% to $84.50 a barrel.