Both countries said they would review the supply cuts monthly, and could modify them depending on market conditions.
through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.
“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the Saudi Press Agency report said, citing an unnamed Energy Ministry official. There was no immediate reaction in Washington, though US lawmakers have criticized OPEC, Saudi Arabia and Russia over their past production decisions.
The average gallon of regular unleaded gasoline in the US stands at $3.81, according to AAA, just under the all-time high for Labor Day of $3.83 in 2012. just plowed through Florida and US forecasters said Tuesday that a new tropical depression in the Atlantic Ocean could become a “major hurricane.”Meanwhile, higher gasoline prices can increase transportation costs and ultimately push the prices of goods even higher at a time when the US and much of the world is already raising interest rates to combat inflation.
The Saudis are particularly keen to boost oil prices in order to fund Vision 2030, an ambitious plan to overhaul the kingdom’s economy, reduce its dependence on oil and to create jobs for a young population.
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