HomeIndustriesOil Rises Amid Russian and Saudi Price Cuts

Oil Rises Amid Russian and Saudi Price Cuts

Oil prices rose on Monday following output announcements from OPEC+ members Saudi Arabia and Russia. The Saudis will extend their oil production cut by another month, while Russia announced that it will reduce its exports.

Saudi Arabia’s production will remain one million barrels per day lower as per this arrangement, adding to existing output curbs implemented by OPEC+. This reduction is expected to be extended into August and could potentially last longer.

In line with the Saudis’ decision, Russia will reduce its own oil exports by 500,000 barrels a day in August. The country has mostly kept in line with OPEC+’s supply cuts despite facing pressure to keep its sales afloat following the Ukraine invasion.

Oil futures rose soon after Saudi Arabia’s announcement, with Brent crude rising 0.9% to $76.12 per barrel. 

Expected to rally going into this year, oil prices instead shed 11% following a slump in market confidence over global economies as central banks continued to hike inflation rates in the fight against inflation.

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