Saudi Arabia Extends Oil Production Cut Through September While Russia Cuts Exports, Aiming To Boost Prices

Saudi Arabia is extending its 1 million barrel per day voluntary oil production cut through September.
Russia will reduce oil exports by 300,000 barrels per day in September as part of an effort to balance oil markets.
The supply cuts are intended to support oil price stability and balance markets.
Higher oil prices would help Saudi Arabia fund its Vision 2030 plan and assist Russia's war effort in Ukraine.
The production cuts could further increase gasoline prices, especially in the United States.