Russia, Saudi Arabia cut oil supply again to raise price
U.S. crude has been depressed for some time and rose above $70 per barrel for the first time in five weeks Friday.That the Saudis felt another cut was necessary underlines the uncertain outlook for fuel demand in the months ahead even as travel picks up. The U.S., for example, saw an all-time high in airline passengers on Friday during the Fourth of July weekend.
But there are concerns about economic weakness in the U.S. and Europe, while China’s rebound from COVID-19 restrictions has not been as strong as many had hoped. The Saudis need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy, while Russia is looking to pad its profits to pay for its war against Ukraine.
Western sanctions mean Moscow is forced to sell its oil at a discount to countries like China and India. Its estimated export revenue fell by $1.4 billion to $13.3 billion in May, down 36 per cent from a year ago, the International Energy Agency said in a report last month. Combined with earlier cuts, Russia’s output in August will be reduced by 1 million barrels a day. But Rystad Energy said in June that Moscow only dropped production by 400,000 barrels in May, instead of the promised half-million.
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