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Saudi Arabia and Russia Push Oil Prices Up with Deeper Production Cuts

Posted on AllSides July 3rd, 2023
From The Right

Saudi Arabia and Russia, both members of the OPEC+ oil cartel and the two largest oil exporters in the world, announced deeper production cuts on Monday to push worldwide market prices higher. The cuts added up to a 1.5-percent reduction in the global supply of oil. Saudi Arabia unilaterally reduced its production by one million barrels per day (bpd) in June, a move that generated much controversy at the June 4 meeting of OPEC+ when it was announced. The cartel was generally in favor of keeping its production quotas from...

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