Saudi Arabia and Russia cut oil exports for an additional month
Oil exports from Saudi Arabia and Russia will maintain a cut for another month, after both regions reached this agreement
After a recent agreement between Russia and Saudi Arabia, it became known that both regions will maintain the cut in oil exports for another month.
According to the announcement on the measure, exports from Saudi Arabia will remain at 9 million barrels per day. For its part, Russia will remain at 500,000 barrels per day.
Industry analysts consider that the measure by Saudi Arabia is not strange, in the midst of an adverse scenario for the kingdom, where there is a drop in demand for oil from China.
For this year, an increase in the price of a barrel of oil was expected. However, the rise in interest rates, not only in the United States but also in Europe, has demolished those projections and hopes.
Other factors that are also part of this crisis are inflation and the internal policies of the different market players.
M.Pino
Source: Bloomberg
(Reference image source: Aleksey Malinovsky, Unsplash)
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