Oil prices experienced a significant spike following the joint decision by Saudi Arabia and Russia to extend their oil production cut of 1.3 million barrels per day until December. This move reflects the continued efforts of major oil-producing nations to stabilize global oil markets and support prices. The decision to maintain reduced production levels has a direct impact on global oil supply and demand dynamics, influencing oil prices worldwide. This development underscores the influence of major oil-producing countries in shaping the energy market and highlights the ongoing efforts to manage oil production levels in response to economic and geopolitical factors.
Oil Prices Surge as Saudi Arabia and Russia Extend 1.3 Million Barrel-a-Day Oil Production Cut Through December
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