A deep pump is located near the town of Usinsk, 1,500 kilometers north-east of Moscow.
(Photo: dpa)
Saudi Arabia extends its unilateral oil production cut by another month. At the OPEC plus meeting in early June, the UK decided to voluntarily cut its production by one million barrels a day from July. The step can be renewed every month. That is exactly what has happened, according to a statement released by the state-run Saudi Press Agency. The country will pump about nine million barrels a day, the lowest in several years, sacrificing sales volumes for a minimal reward in higher prices.
Oil futures contracts rose after the announcement, with Brent crude peaking at $76.52 a barrel but trading lower again at midday.
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