The global oil market experienced a significant shift as Saudi Arabia and Russia disclosed their decision to prolong voluntary oil production cuts until the end of the year. This announcement pushed Brent crude prices to a peak unseen in the last ten months, reported Bangkok Post.
The energy ministry of Saudi Arabia, the world’s leading crude oil exporter, stated that their reduction of one million barrels per day, initiated in July, would be upheld for another three months, lasting till December this year. Concurrently, Russia confirmed its intention to maintain its export cut of 300,000 barrels per day for the same duration, as acknowledged by Deputy Prime Minister Alexander Novak.
The news triggered an immediate market response, with Brent crude surpassing the US$90 (3,193 baht) per barrel mark for the first time since the previous November….
