ICYMI – Saudi Arabia and Russia are cutting oil supply again

<p>Saudi Arabia and Russia are extending thier oil output cuts:</p><ul><li>The Saudi Energy Ministry said it would extend July's cut of 1 million barrels per day through August to support “the stability and balance of oil markets.” </li><li>Russian Deputy Prime Minister Alexander Novak said Russia will cut production by an additional 500,000 barrels a day in August</li></ul><p>The Saudi move will keep their output at 9 million barrels per day.</p><p>—</p><p>TD Securites oil analysts say the combined output cuts from OPEC+ </p><ul><li>"are likely to more than offset the surplus accumulated in the first half of 2023,” </li></ul><p>and forecast a lift in the price of US West Texas Intermediate (WTI) to $90 / barrel</p>

This article was written by Eamonn Sheridan at www.forexlive.com.