Saudi Arabia on Wednesday confirmed that it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
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The announcement could further prop up oil prices, which are hovering around $90 a barrel. Production cuts first announced by Saudi Arabia and Russia in July have driven up prices at the pump, enriched Moscow's war chest and complicated global efforts to bring down inflation.
The Saudi Energy Ministry reaffirmed that the cuts would continue through the end of the year in a brief statement posted on its website Wednesday attributed to “an official source.” It said the kingdom would continue to produce 9 million barrels per day in November and December.
“The source stated that this voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” the statement said.
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Benchmark U.S. crude oil for November delivery rose 41 cents to $89.23 a barrel Tuesday. Brent crude for December delivery rose 21 cents to $90.92 a barrel.
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Saudi Arabia is counting on high oil prices to help fund Vision 2030, an ambitious plan by Crown Prince Mohammed bin Salman to overhaul the economy, reduce the kingdom's dependence on oil and create jobs for young people.