Oil Prices Rise 2 Percent as Saudi Arabia and Russia Implement Supply Cuts - News18
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Last Updated: July 05, 2023, 02:07 IST New York, United States of America (USA) U.S. markets were closed on Tuesday for the Independence Day holiday. (Photo: Reuters) Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August while Russia and Algeria volunteered to lower their August output and export levels by 500,000 bpd and 20,000 bpd, respectively. If fully implemented, that would bring a combined reduction of 5.36 million bpd from August 2022 - possibly even more because several countries in the OPEC+ producer group are unable to fulfil their output quotas, said PVM analyst Tamas Varga. The total cuts now stand at more than 5 million bpd, or 5