Across the world, where varieties of crude oil closely resemble those from Saudi Arabia, prices are shooting up faster as refineries clamor for alternatives
Saudi Arabia's Oil Production Cuts Are Quietly Starting to Bite bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
The two producer countries said on Monday that they will prolong and deepen output cuts into August. Along with reductions they already made, and ongoing curbs by other nations in the OPEC+ alliance, total supply curtailments will amount on paper at least to 3.1 million barrels a day, or about 3% of global consumption.
Middle Eastern oil prices have dramatically surged due to an unexpected increase in demand from Chinese and Asian refiners, shaking the global oil markets.