Oil Prices Jump on Extension of Production Cuts by Saudi Arabia and Russia
The move reflected renewed efforts by the two major exporters to bolster the price of crude.
Saudi Arabia said on Tuesday that it would extend its cut in oil production cut of one million barrels a day for three months, through for the rest of 2023. In a coordinated statement, Russia, a co-leader with the Saudis of the producers group known as OPEC Plus, said it would continue export curbs that amount to 300,000 barrels a day.
The moves helped nudge oil prices, which have been on the rise in recent weeks, upward. Futures for Brent crude, the international benchmark, briefly reached $90 a barrel for the first time since June 2022. West Texas Intermediate crude, the U.S. benchmark, reached $87.50 before slumping a bit.