152
Saudi Arabia has announced the extension by at least one month of the unilateral cut in oil production from 1 million barrels per day.
As a result, the country’s output will stand at around 9 million barrels per day, the lowest level in recent years.
The decision, intended to curb oil supply, comes as Russia (Riyadh’s OPEC+ ally) announced new restrictions on its exports. Indeed, Moscow will cut production by another 500,000 barrels a day in August.