Saudi Arabia’s revenues from oil exports dropped to $18.7 billion in July as the kingdom enacted supply cuts of 1 million barrels per day. While that’s the lowest figure since September 2021, there will probably be a significant improvement for August and this month, if not longer. Those cuts, which the kingdom’s likely to prolong until at least the end of 2023, have pushed up prices, with Brent crude now above $90 a barrel.
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