23 Aug, 23

Saudi Arabia Likely To Extend Production Cuts To October

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Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supply, five Wall Street analysts have predicted. The initial cuts appear to have worked, with oil prices climbing about 15% in the past month to about $86 a barrel.  However, the gradual rise in oil prices as inventory tightened has reversed over the past week with traders worrying again about weak economic data coming from China as well as the upcoming Jackson Hole symposium. Current Brent prices…

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