Saudi Arabia and Russia Announce Deeper Oil Cuts to Boost Prices, But Demand Concerns Persist

• Saudi Arabia will extend its voluntary oil output cut of one million bpd for another month.
• Russia will cut its oil exports by 500,000 barrels per day in August.
• The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd.
• Despite the cuts, oil prices have not seen a lasting boost, providing relief to consumers worldwide.
• Weak demand due to an economic slowdown and alternative energy threatens cuts' effectiveness.

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