"Saudi Arabia Extends 1 Million-Barrel Oil Cut, Fueling Oil Market Uncertainty"

Saudi Arabia will extend its voluntary 1 million barrel per day crude oil production cut into September, marking the third consecutive month of such declines. The cut, which can be extended or deepened, is in addition to other voluntary production declines implemented by some OPEC members until the end of 2024. The decision comes as oil prices remain relatively stable, with expectations of increased demand in the second half of 2023 potentially leading to supply tightness.