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Saudi Arabia and Russia announce new oil production cuts

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Posted By: The Corner 5th July 2023

BancaMarch : The energy ministry of Saudi Arabia, the largest producer in the OPEC+ cartel, announced that the one million barrels per day cut in July will be extended to August to support “the stability and balance of oil markets”. At the same time, Russian Deputy Prime Minister Alexander Novak announced a reduction in the country’s output by an additional 500,000 barrels per day in August. Both announcements are part of a concerted effort to boost oil revenues at a time of rising fears of economic recession and weakening global demand.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.