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Saudi Arabia Extends Cuts, Russia to Curb Exports
Saudi Arabia has extended its voluntary production cut of 1 million barrels per day for an additional month until the end of August, while fellow Opec-plus heavyweight Russia said it will cut its August oil exports by 500,000 b/d. The extension of Saudi Arabia's unilateral cut, announced by the kingdom's SPA news agency on Monday, had been widely expected as Brent crude oil prices drifted in the low-to-mid $70s per barrel over the last two months. After an initial uptick on the news, Brent crude futures closed slightly lower Monday. Oil prices have lost a third of their value over the past year despite a series of ... (full story)