Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices

The Organization of the Petroleum Exporting Countries has pumped 27.56 million barrels per day (bpd) this month, up 220,000 bpd from July

Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year

Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower OECD commercial stocks could add US$2 to its end-2023 Brent outlook of US$86 per barrel

Russia remained China’s largest crude supplier in July, Chinese government data showed, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports

Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed

Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said, adding it could be extended beyond that or deepened

Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil cuts, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve

OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market

Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering