{"id":46861,"date":"2023-08-04T11:09:24","date_gmt":"2023-08-04T11:09:24","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters"},"modified":"2023-08-04T11:37:19","modified_gmt":"2023-08-04T11:37:19","slug":"oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters","title":{"rendered":"Oil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Oil prices rose on Friday with extended voluntary output cuts from Saudi Arabia and Russia, offsetting earlier losses due to the downgrade of the US’ long-term credit rating.<\/p>\n

International benchmark Brent crude traded at $85.36 per barrel at 10.16 a.m. local time (0716 GMT), a 0.26% gain from the closing price on Thursday of $85.14 per barrel.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $81.81 per barrel, up 0.32% from the session close of $81.55 per barrel on Thursday.<\/p>\n

Both benchmarks fell during intraday trading over investor demand jitters as the Fitch rating agency downgraded the US’ long-term credit rating.<\/p>\n

However, prices rebounded as supply woes intensified after Saudi Arabia and Russia announced plans to extend existing supply curbs.<\/p>\n

The pledged production reduction is an extension of the country\u2019s existing 1 million barrels per day (bpd) and “can be extended or extended and deepened”, according to a Saudi energy ministry source cited by Saudi state agency SPA.<\/p>\n

With the latest production cut, the total production of one of the world\u2019s largest exporters of crude oil will be approximately 9 million bpd in September.<\/p>\n

This came just minutes before Russia\u2019s announcement to cut oil exports by 300,000 bpd in September “as part of efforts to ensure market stability”, Deputy Prime Minister Alexander Novak said.<\/p>\n

The new cuts were additions to the OPEC+ group\u2019s already-existing output cap of around 2 million bpd announced in October 2022 and 1.6 million bpd announced in May.<\/p>\n

The Saudi-Russia cutbacks are “exacerbated by lower supply growth in other regions,” according to Daniel Hynes, a commodity strategist at Australia and New Zealand Banking Group.<\/p>\n

Hynes recalled that US shale oil output is likely to fall amid the steady decline in drilling activity in the country.<\/p>\n

Investors will be monitoring the OPEC+ group\u2019s meeting later on Friday, however, the group is mostly expected to roll over its current production policy.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Oil prices rose on Friday with extended voluntary output cuts from Saudi Arabia and Russia, offsetting earlier losses due to the downgrade of the US’ long-term credit rating. International benchmark Brent crude traded at $85.36 per barrel at 10.16 a.m. local time (0716 GMT), a 0.26% gain from the closing price on […]<\/p>\n","protected":false},"author":84,"featured_media":46860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,6035,234,2801,2913,295,6034],"class_list":["post-46861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-brent","tag-malawi","tag-oil-prices","tag-russia","tag-saudi-arabia","tag-wti"],"yoast_head":"\nOil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters - Malawi<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Friday with extended voluntary output cuts from Saudi Arabia and Russia, offsetting earlier losses du ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters\" \/>\n<meta property=\"og:description\" content=\"Oil prices rose on Friday with extended voluntary output cuts from Saudi Arabia and Russia, offsetting earlier losses du ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-04T11:09:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-04T11:37:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/08\/sm_1691132623.331053.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1310\" \/>\n\t<meta property=\"og:image:height\" content=\"740\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters\",\"datePublished\":\"2023-08-04T11:09:24+00:00\",\"dateModified\":\"2023-08-04T11:37:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/08\/sm_1691132623.331053.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Brent\",\"Malawi\",\"Oil prices\",\"Russia\",\"Saudi Arabia\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/oil-prices-climb-as-saudi-arabia-russia-supply-cuts-boost-supply-jitters\",\"name\":\"Oil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters - 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