Thursday, 28th September 2023

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News of Saudi Arabia’s production cut extension… International oil price highest in 10 months

International oil prices jumped to their highest level in 10 months as먹튀검증 Saudi Arabia, the world’s largest oil producer, announced that it would extend voluntary production cuts until the end of the year. According to major foreign media such as Reuters on the 5th (local time), the price of West Texas Intermediate ( WTI

) crude oil for October delivery on the New York Mercantile Exchange ended trading at $86.69 per barrel, up 1.3% ($1.14) from the previous day. Based on the closing price, it is the highest since November 15 of last year. The price of Brent crude oil futures for November delivery was traded at $91.15, above $90, at one point during the day.

This follows Saudi Arabia’s announcement to extend its voluntary production cut of 1 million barrels per day until the end of the year. Saudi Arabia began voluntarily reducing production by 1 million barrels per day starting last July. Afterwards, the production cut was extended every month, and this time it was announced that it would be extended for three months until the end of the year.

In addition, Russia also participated in voluntary production cuts, causing international oil prices to fluctuate. Russia decided to maintain the production cuts promised last month until the end of the year.

As inflation concerns were raised due to rising international oil prices, the New York stock market closed lower. On the New York Stock Exchange, the Dow ended trading at 34,641.97, down 195.74 points (0.56%). The Standard & Poor’s ( S&P ) 500 index, centered on large-cap stocks, closed at 4,496.83, down 18.94 points (0.42%), and the Nasdaq index, centered on technology stocks, closed at 14,020.95, down 10.86 points (0.08%) .

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