Saudi Arabia has extended its Oil Production Cut by one month, with a reduction of around 9 million barrels per day (bpd) until the end of August. This extension aims to support the stability and balance of oil markets, following a voluntary cut previously announced in April. Russia has also announced cuts, reducing oil exports to 500,000 bpd in August. These cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd. The price of crude jumped 2% in London, reaching $75.40 per barrel.

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