Column: Saudi and Russian crude output cuts feel more bearish than bullish – Reuters
- Date: 04-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Column: Saudi and Russian crude output cuts feel more bearish than bullish – Reuters
LAUNCESTON, Australia, July 4 (Reuters) - The decision by Saudi Arabia and Russia to extend their voluntary output cuts is more likely to be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering.
Saudi Arabia, the world's biggest crude exporter, said on Monday it will extend its voluntary production cut of 1 million barrels per day (bpd) for July into August, and flagged that the reduction could continue for further months.
Russia, the No. 2 oil exporter, said shortly after the Saudi announcement that it would cut crude shipments by 500,000 bpd for August.
Select Sector 
Select Country 
