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this post was submitted on 25 Sep 2023
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The world’s second-largest oil supplier has slashed production by 1 million barrels a day since July and decided this month to extend the cut through the end of the year.Leon said the Saudis will review the cuts each month — and could add barrels back if prices spike to levels that could seriously worsen inflation in countries buying oil.
Oil costs are keeping gas prices high even as driving demand drops with the end of summer vacations and plentiful gasoline stocks, according to auto club AAA.
Oil is Russia’s main moneymaker, so higher prices help the Kremlin pay for its invasion of Ukraine and weather sweeping Western sanctions aimed at crushing its wartime economy.
The recent rise in oil prices, along with a cutback in the discount that sanctions forced Russia to offer Asian customers, means Moscow will earn “significantly more revenue from those exports,” said Benjamin Hilgenstock, senior economist at the Kyiv School of Economics.
The administration is also in touch with domestic and international producers on longtime supply needs, trying to ensure that the risk of higher oil prices does not disrupt economic growth.
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