Saudi Arabia Expected to Prolong Oil Cut Again, Survey Shows - Bloomberg
Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into September as it seeks to foster a tentative recovery in crude prices.
Riyadh introduced the additional cutback this month — on top of output curbs it’s already making with fellow OPEC+ producers — to shore up oil markets against a fragile economic backdrop.
The measure already has been extended into August, and 15 of 22 traders, analysts and refiners surveyed by Bloomberg predict it will continue into September. The two previous announcements about the kingdom’s voluntary production cuts came via state media in the first week of the month.
Oil prices have climbed about 12% in the past month to about $83 a barrel in London as recovering global fuel consumption and output restraint by the Organization of Petroleum Exporting Countries engineer a long-awaited tightening of world markets.
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