Crude prices broke out to yet further new highs for the year yesterday. The move was driven by news that Saudi Arabia and Russia have extended their additional production cuts through year-end. On top of the production cuts agreed among OPEC+ members, the two producers undertook additional, voluntary cuts which totalled around 1.5% of daily global supply. The cuts, which were initially extended through October have now been extended further and reflect the two producers’ commitment to underpinning prices. Coming on the back of a string of recent, large US inventories drawdowns, this action is expected to help tighten ... (full story)