Brent oil price moves up as Saudi Arabia extends output cuts
The cost of oil reportedly went up after the Kingdom had decided to extend the voluntary cut in oil production by 1 million barrels per day through September
MOSCOW, August 3. /TASS/. Brent oil futures with delivery in October 2023 moved up to 1.5%, according to trading data of the London-based ICE.
As of 04:01 p.m. Moscow time, the price of Brent rose by 1.52% to $84.65 per barrel. By 04:18 p.m. Moscow time, the price of oil slowed down growth and was at $83.88 per barrel (+0.6%).
The cost of oil went up after the Saudi Press Agency reported, citing an official source in the Ministry of Energy of the Kingdom that Saudi Arabia has decided to extend the voluntary cut in oil production by 1 million barrels per day through September. Prior to this, the voluntary reduction was planned first for July, and then extended to August. However, according to the statement, in the future, the reduction in production could be extended and increased
Earlier on Thursday, Russian Deputy Prime Minister Alexander Novak told reporters that Russia will continue to voluntarily cut supplies to oil markets in September, now by 300,000 barrels per day.