"Russia and Saudi Arabia Join Forces Again to Boost Oil Prices"
TL;DR Summary
Russia will voluntarily reduce its oil exports by 500,000 barrels per day in August, in addition to previously announced production cuts, as part of efforts to balance the oil market. This follows earlier cuts to Russian oil production in response to Western sanctions. Saudi Arabia, a member of the OPEC+ alliance, also announced an extension of its voluntary oil production cut of one million barrels per day. Moscow has shifted its energy exports from Europe to India and China since its invasion of Ukraine.
- Russia to Cut Oil Exports in August The Moscow Times
- Oil Prices Rise on Saudi and Russian Production Cuts The New York Times
- Russia Pledges to Reduce Oil Exports in August After Saudi Extends Voluntary Cut Yahoo Finance
- East Africa braces for pain at the pump as Riyadh cuts production The East African
- Saudi Arabia and Russia curb oil supply again to try to boost prices CNN
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