{"id":7139,"date":"2023-09-05T20:34:08","date_gmt":"2023-09-05T20:34:08","guid":{"rendered":"https:\/\/prosfunds.com\/news\/saudi-arabia-extends-oil-production-cuts-to-end-of-2023-sending-prices-soaring\/"},"modified":"2023-09-05T20:34:17","modified_gmt":"2023-09-05T20:34:17","slug":"saudi-arabia-extends-oil-production-cuts-to-end-of-2023-sending-prices-soaring","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=7139","title":{"rendered":"Saudi Arabia extends oil production cuts to end of 2023, sending prices soaring"},"content":{"rendered":"
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Saudi Arabia and Russia on Tuesday deepened their oil supply cuts, announcing an agreement to continue scaling back production by 1 million barrels per day through the end of 2023.\u00a0<\/p>\n

The voluntary move will put crude output at about 9 million barrels a day and will be reviewed on a monthly basis, according to the state-owned Saudi Press Agency. Riyadh began scaling back output in July and has extended the production cut twice so far.\u00a0<\/p>\n

Oil prices jumped on Tuesday after the fresh supply curb.<\/p>\n

THE US HOUSING MARKET MAY BE TRAPPED IN A PROLONGED FREEZE<\/u><\/strong><\/p>\n

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West Texas Intermediate crude, the U.S. benchmark, climbed to more than $87 a barrel during late morning trading, the highest level since November 2022 when prices hit $92. Brent crude \u2013 the international benchmark \u2013 was up to about $88 a barrel, an 8.26% increase from the start of the year.<\/p>\n

The spike in oil costs comes as consumers continue to grapple with already-steep gas prices.<\/u><\/p>\n

INFLATION ROSE 3.2% IN JULY AS PRICES TICK HIGHER FOR FIRST TIME IN A YEAR<\/u><\/strong><\/p>\n

The average cost of a gallon of regular gasoline was about $3.81 on Tuesday, according to AAA \u2013 a historically high price for this time of the year. Although prices remain well below the record high of $5.01 notched in June 2022.<\/p>\n

More expensive oil \u2013 and gasoline \u2013 threaten to exacerbate stubborn inflation that is still running about two times higher than the pre-pandemic average. \u00a0<\/p>\n

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The cuts are likely to keep oil prices high in the upcoming months at a time when global demand for crude is reaching record highs \u2013 and set to expand further, despite mounting concern over China’s economic growth.\u00a0<\/p>\n

“Voluntary OPEC + cuts led by Saudi Arabia have kept oil markets undersupplied for the past four months,” said Solita Marcelli, UBS Global Wealth Management chief investment officer of Americas, adding: “So, while oil prices have rallied recently, oil markets look likely to remain in deficit for the upcoming months, and we still see scope for crude oil prices to rise further.”<\/p>\n

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The latest export cuts come in addition to existing supply reductions by the group of oil-producing nations known as OPEC+.\u00a0<\/p>\n

The group already had in place oil output cuts<\/u> of about 3.66 million barrels per day when Saudi Arabia introduced the additional supply cut.\u00a0<\/p>\n

The White House has previously criticized the action, with President Biden vowing there “will be consequences” for Saudi Arabia.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia and Russia on Tuesday deepened their oil supply cuts, announcing an agreement to continue scaling back production by 1 million barrels per day through the end of 2023.\u00a0 The voluntary move will put crude output at about 9 million barrels a day and will be reviewed on a monthly basis, according to the […]<\/p>\n","protected":false},"author":1,"featured_media":7140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-7139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nSaudi Arabia extends oil production cuts to end of 2023, sending prices soaring | Prosfunds<\/title>\n<meta name=\"description\" content=\"Saudi Arabia and Russia on Tuesday deepened their oil supply cuts, announcing an agreement to continue scaling back production by 1 million barrels 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