Oil Prices Climb As Saudi Arabia Extends Production Cut Into August

Saudi Arabia is extending its unilateral 1 million bpd production cut into August, the world’s top crude exporter said on Monday, sending oil prices rising by 1%.   “An official source from the Ministry of Energy announced that the Kingdom of Saudi Arabia will extend the voluntary cut of one million barrels per day, which has gone into implementation in July, for another month to include the month of August that can be extended, and in effect, the Kingdom’s production for the month of August 2023 will be approximately…