Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Cuts in Russian, Saudi Arabian oil production not having major impact on prices By: FOX Business July 05, 2023 at 13:22 PM EDT Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say. Cuts in oil production by Russia and Saudi Arabia are not having a major impact on global oil prices, which remain stalled out.Both countries announced extended cuts in their production in an effort to raise oil prices, but the cost of crude oil instead dropped 1% on Monday, according to the Agence France-Presse.Nevertheless, Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that his country's partnership with Russia remains strong in a press conference earlier this week."Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter," Abdulaziz said of the oil cuts.BIDEN ADMINISTRATION HOLDS FIRST ONSHORE OIL AND GAS LEASE SALE IN 11 MONTHS AFTER REPEATED DELAYS"It is quite telling seeing us on Monday coming out with not only our extension ... but also with validation from the Russian side," he added.Western observers were concerned that further cuts from Russia and Saudi Arabia could cause oil prices to spike across the globe.JUDGE PRESIDING OVER BIG OIL CLIMATE CHANGE LAWSUIT REVEALS CONNECTION TO PLAINTIFF'S ECO LAWYERSMembers of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions typically having a dramatic effect on global prices.President Biden's administration has sought to push Russia and the Saudis to increase their oil production, but has found no success.The U.S. and Western countries argue that OPEC policies have sent energy prices soaring and that Saudi Arabia has taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Cuts in Russian, Saudi Arabian oil production not having major impact on prices By: FOX Business July 05, 2023 at 13:22 PM EDT Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say. Cuts in oil production by Russia and Saudi Arabia are not having a major impact on global oil prices, which remain stalled out.Both countries announced extended cuts in their production in an effort to raise oil prices, but the cost of crude oil instead dropped 1% on Monday, according to the Agence France-Presse.Nevertheless, Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that his country's partnership with Russia remains strong in a press conference earlier this week."Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter," Abdulaziz said of the oil cuts.BIDEN ADMINISTRATION HOLDS FIRST ONSHORE OIL AND GAS LEASE SALE IN 11 MONTHS AFTER REPEATED DELAYS"It is quite telling seeing us on Monday coming out with not only our extension ... but also with validation from the Russian side," he added.Western observers were concerned that further cuts from Russia and Saudi Arabia could cause oil prices to spike across the globe.JUDGE PRESIDING OVER BIG OIL CLIMATE CHANGE LAWSUIT REVEALS CONNECTION TO PLAINTIFF'S ECO LAWYERSMembers of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions typically having a dramatic effect on global prices.President Biden's administration has sought to push Russia and the Saudis to increase their oil production, but has found no success.The U.S. and Western countries argue that OPEC policies have sent energy prices soaring and that Saudi Arabia has taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.
