Oil prices extended gains on Monday to touch their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices. | Reuters
The world’s top exporter Saudi Arabia on Thursday extended its voluntary production cut of 1 million barrels per day to the end of September, adding that it could be extended beyond then or deepened. The kingdom’s production for September will be around 9 million bpd.
Saudi Arabia’s comments that the cuts may be deepened caught the attention of the market, ANZ analysts said in a note. In line with production cuts, Saudi Aramco raised on Saturday the official selling prices for most grades it sells to Asia for a third month in September.
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