Saudi Arabia is extending its 1mn b/d additional voluntary cut to crude output into August, the kingdom announced on 3 July. Just a few days later on 6 July, Saudi Aramco then unveiled further increases to its crude oil Official Selling Prices (OSPs), as it seeks to dampen demand for its crude.
The August extension was announced in coordination with similar announcements for a Russian 500,000 b/d oil export cut and a 20,000 b/d production cut from Algeria. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud said during the Opec Seminar on 5 July that it was no coincidence that Russia and Saudi Arabia made their announcements on the same day and that this “was also to mitigate the cynical side of the spectators on what is going on between Saudi Arabia and Russia.” (CONTINUED - 995 WORDS)
