Saudi Arabia and Russia on Tuesday prolonged oil production cuts through the end of this year in a bid to drive market prices higher after remaining far below 2022 record levels.
What began in July and was originally scheduled to cease at the end of August, Saudi Arabia’s 1 million barrel-per-day cut — 10% of its output — will remain through year’s end and will be reviewed monthly on whether to be increased or decreased, according to the state-owned Saudi Press Agency.
Global oil markets immediately responded by ticking upward around 1% to just shy of $87 per barrel for U.S. benchmark West Texas Intermediate crude and approaching $90 a barrel for global benchmark Brent crude. WTI was just over $81 a month ago and Brent at $85. But with peak summer travel months in the rearview mirror and cheaper winter-blend gasoline preparing to come online later this month, drivers could see relief at the pump.
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