#oil #saudiarabia #russia #gas #yahoofinance #opec
Saudi Arabia has extended its one million barrel-per-day production cuts into September, while Russia announce it will cut oil exports, sending oil prices higher. Lipow Oil Associates President Andrew Lipow tells Yahoo Finance Live the move is “very significant.” Lipow say the cuts “really emphasize the point that they are looking for higher prices, because the domestic budgets of these OPEC+ countries simply could not last when oil was under $70 a barrel.”
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