Reported 4 months ago
In a move to support sluggish oil prices, Saudi Arabia and allied oil-producing countries have extended output cuts through next year. Despite conflicts in the Middle East and the summer travel season, Brent prices have remained stagnant at $81-$83 per barrel due to various factors such as higher interest rates, concerns about demand, and increasing non-OPEC supply. The extended cuts totaling 5.8 million barrels per day could potentially push oil prices higher, but uncertainty remains about future demand, particularly after the summer season ends. The decision to extend production cuts aims to support Saudi Arabia's economic diversification plans and Russia's economic stability amid ongoing conflicts.
Source: YAHOO