Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

Saudi Arabia and Russia are cutting oil supply again in bid to boost prices https://ift.tt/BWtKq01 Arabia and Russia have announced that they will extend cuts to their oil production in order to support prices. The Saudi Energy Ministry will maintain its output at 9 million barrels per day, while Russia will reduce production by an additional 500,000 barrels a day in August. These voluntary cuts are in addition to earlier reductions agreed to by the OPEC oil cartel and allied producers. Despite the cuts, oil prices have not seen a significant increase, which has provided relief for consumers. The uncertain outlook for fuel demand amid economic weakness and travel restrictions remains a concern for oil producers.