{"id":1989571,"date":"2023-08-03T11:23:01","date_gmt":"2023-08-03T15:23:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-and-russia-to-extend-oil-supply-cuts-pushing-prices-higher\/"},"modified":"2023-08-03T11:25:43","modified_gmt":"2023-08-03T15:25:43","slug":"saudi-arabia-and-russia-to-extend-oil-supply-cuts-pushing-prices-higher","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-and-russia-to-extend-oil-supply-cuts-pushing-prices-higher\/","title":{"rendered":"Saudi Arabia and Russia agree to prolong oil supply cuts, boosting prices."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsaudi-arabia-and-russia-to-extend-oil-supply-cuts-pushing-prices-higher%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1989571&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Saudi\u200c Arabia and Russia Extend Voluntary Supply Cuts<\/h2>\n<p>Saudi Arabia and Russia have announced that they\u2063 will\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/saudi-arabia-and-russia-to-extend-oil-supply-cuts-pushing-prices-higher\/\" title=\"Saudi Arabia and Russia agree to prolong oil supply cuts, boosting prices.\">extend voluntary supply\u200d cuts<\/a> through September, marking the \u200bthird consecutive month of declines. Despite lower \u200csupplies \u200band increasing\u200b demand, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-launches-largest-air-assault-of-ukraine-invasion\/\" title=\"Russia Launches Largest Air Assault of Ukraine Invasion\">oil prices continue<\/a> to rise sharply.<\/p>\n<blockquote>\n<h3>Saudi Arabia&#8217;s Voluntary \u200dOil Cuts<\/h3>\n<p>Citing an official from the Saudi Ministry \u200dof Energy,\u2064 state-run news \u200coutlet SPA reported that the kingdom&#8217;s voluntary\u200d oil cuts of 1 \u200dmillion barrels per day would be extended for another month. The official stated that\u2064 the cuts could \u200bbe extended \u2063or \u2062deepened.<\/p>\n<p>In September, Saudi Arabia&#8217;s production will be approximately 9 million\u2063 barrels per day.<\/p>\n<p>&#8220;This additional \u200bvoluntary cut comes to reinforce the \u2064precautionary efforts made by OPEC+\u200c countries with the\u200c aim of supporting\u2064 the \u2064stability and balance\u200c of oil markets,&#8221; the ministry official said.<\/p>\n<\/blockquote>\n<blockquote>\n<h3>Russia&#8217;s Oil Export Cuts<\/h3>\n<p>Russia also announced that it would\u200d cut its oil exports by 300,000 barrels per \u200cday in September, according\u200b to Russian Deputy Prime Minister Alexander Novak.<\/p>\n<\/blockquote>\n<p>The\u200d news \u200dof these\u200d cuts immediately led to a \u2064surge in oil prices. International benchmark Brent crude futures rose to $83.96 per barrel, while U.S.-based\u200b West Texas Intermediate reached $80.32.<\/p>\n<p>Analysts\u2063 expect oil prices to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/same-old-d-c-b-s-energy-secretary-denies-reopening-keystone-pipeline-would-lower-oil-and-gas-prices\/\" title=\"\u2018Same Old D.C. B.S.\u2019: Energy Secretary Denies Reopening Keystone Pipeline Would Lower Oil And Gas Prices\">continue rising due<\/a> to tightening supplies and increasing demand. Goldman Sachs upgraded its oil \u200cdemand\u200b forecast, \u2064projecting a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-prices-expected-to-soar-in-2022\/\" title=\"Oil Prices Expected To Soar In 2022\">supply deficit<\/a> of\u2062 1.8 million barrels per day in the second half \u2064of 2023. Exxon Mobil CEO Darren\u200c Woods also anticipates \u2063record-high \u200cdemand in the third quarter of 2023, with deficits of almost 2 million barrels per day.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> to read more\u200c from The Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia and Russia have agreed to extend voluntary supply cuts until September, despite increasing demand and decreasing supplies. This decision, marking the third consecutive month of declines, has contributed to the significant rise in oil prices. The Saudi Ministry of Energy confirmed this move, as reported by state-run news outlet SPA.<\/p>\n","protected":false},"author":1,"featured_media":1989572,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1989571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1989571"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1989572"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1989571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1989571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1989571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}