Oil prices rose above $90 a barrel for the first time in 2023 on Tuesday as Saudi Arabia and Russia said they would extend their voluntary production and export cuts until the end of the year.
Saudi Arabia, which leads the expanded Opec+ cartel with Russia, has cut an additional 1mn barrels a day from the global market since July, in what had been originally billed a temporary measure.
But having already extended the cut until the end of September, Saudi Arabia’s state media reported the kingdom would keep its 1mn b/d reduction in place until the end of December, citing the ministry of energy.
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