Russia and Saudi Arabia say they will extend previously announced cuts in oil supply this summer, a move by two major oil producers that could drive global markets higher amid a busy travel season in the U.S. and Europe.
Saudi Arabia will extend a production cut of 1 million barrels per day, which is already in effect for July, through August. The state-run Saudi Press Agency said Monday the cut was made “with the aim of supporting the stability and balance of oil markets.”
Russia is the second largest oil exporter in the world, second only to OPEC leader Saudi Arabia. However, the U.S. and other Western countries no longer import Russian oil over its war against Ukraine. By comparison, the U.S. is currently producing 12.2 million barrels per day, according to the U.S. Energy Information Administration. The country’s domestic production is on pace to break pre-pandemic numbers either later this year or next year.
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