Oil Prices Under Pressure on Economic Fears, Gusher of Russian Supply
- Date: 04-May-2023
- Source: The Wall Street Journal
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil Prices Under Pressure on Economic Fears, Gusher of Russian Supply
With a slowing global economy crimping demand, Moscow appears not to have followed through on pledges to ax output
May 4, 2023 6:24 am ET
This week’s tumble in oil prices has its origins in concerns that the Federal Reserve’s campaign of higher interest rates is slowing the economy and curbing energy demand.
But there’s another factor behind the slide: Traders think Moscow hasn’t followed through fully on pledges it made in response to Western sanctions to throttle production. They say Russia keeps pumping and exporting huge volumes of oil to maximize income for its beleaguered economy—crude that has added to a global surplus and undermined Saudi Arabia’s effort to bolster the market.
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