Saudi Arabia , Extends Production Cuts , in Bid to Boost Prices .<br />On August 3, Saudi Arabia said that it will extend <br />unilateral production cuts of one million barrels <br />of oil a day in an effort to bolster energy prices.<br />On August 3, Saudi Arabia said that it will extend <br />unilateral production cuts of one million barrels <br />of oil a day in an effort to bolster energy prices.<br />'The Independent' reports that the news <br />comes as other OPEC+ producers extended <br />earlier production cuts through 2024.<br />An anonymous official representing the kingdom's Energy Ministry said that the cut could "be extended or deepened" if needed.<br />This additional voluntary cut comes <br />to reinforce the precautionary efforts <br />made by OPEC+ countries with <br />the aim of supporting the stability <br />and balance of oil markets, Anonymous Energy Ministry official, via Saudi Press Agency.<br />The ongoing production cuts have largely failed <br />to boost prices due to reduced demand from <br />China and tightening monetary policies.<br />'The Independent' reports that Saudi Arabia is looking <br />to fund Vision 2030, an ambitious plan that includes <br />efforts to reduce dependence on oil and create jobs.<br />'The Independent' reports that Saudi Arabia is looking <br />to fund Vision 2030, an ambitious plan that includes <br />efforts to reduce dependence on oil and create jobs.<br />Vision 2030 reportedly includes a number of huge <br />infrastructure projects, including the development <br />of the $500 billion futuristic city called Neom.<br />Rising oil prices would also help fund Russia's war <br />on Ukraine, as the United States and its allies have <br />used a price cap to bite into Moscow's revenue.<br />Rising oil prices would also help fund Russia's war <br />on Ukraine, as the United States and its allies have <br />used a price cap to bite into Moscow's revenue.<br />Due to western sanctions, Russia <br />has been forced to sell oil at a discount. .<br />In May, Moscow saw its estimated export revenue drop by $1.4 billion to hit $13.3 billion, down 36% compared to the same time in 2022. .<br />In May, Moscow saw its estimated export revenue drop by $1.4 billion to hit $13.3 billion, down 36% compared to the same time in 2022.
