"DUBAI - Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate increases from the U.S. Federal Reserve.
OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has already been cutting supply to boost prices since November last year due to weaker Chinese demand and rising U.S. supply but so far has failed to move them much from a range of $70-$80 a barrel.
Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, adding that the cut could be extended beyond that month.
Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August."
Maha El Dahan and Jana Choukeir report for Reuters July 3, 2023.
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