Oil rises in price amid the decision of Saudi Arabia and Russia to cut production
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Benchmark oil prices rose amid information about Saudi Arabia’s intention to cut production. on the London Stock Exchange ICE Futures As of 17:42 GMT, October Brent futures are trading closer to $84.2 a barrel.
September futures price for WTI at ICE Futures trading at the same time was $81.3 per barrel.
Today, August 3, Deputy Prime Minister Alexander Novak announced the extension of Russia’s voluntary cut in oil supplies by cutting exports by 300,000 barrels per day in September. Saudi Arabia decided to extend the voluntary reduction of oil exports by 1 million barrels per day.
The shortage of medium-sulfur oil produced by Saudi Arabia and Russia in the world market leads not only to an increase in Brent quotations, but also to a reduction in the price difference between medium-sulfur and low-sulphur varieties, which contributes to the increase in the price of Urals.
More details – in the material “Kommersant” “They are taking her, she is getting stronger”.
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