September 6, 2023
05:09
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Oil prices surge after OPEC+ output cuts
Oil prices rose to their highest since November after Saudi Arabia and Russia extended their voluntary supply cuts, worrying investors about potential shortages during peak winter demand. International benchmark Brent crude rose to more than 90 dollars a barrel, while US West Texas Intermediate settled at almost 87 dollars a barrel, also a 10-month high. Saudi Arabia is extending its cut of 1 million barrels per day until the end of the year, while Russia will continue to reduce exports by 300,000 barrels per day. Riyadh first applied the reduction in July and has since extended it on a monthly basis. The cuts add to 1-point-6 million barrels per day of other voluntary output declines that some OPEC members have put in place until the end of 2024.
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