A key determining factor for where oil prices go from here is whether Saudi Arabia and Russia decide to keep their cuts going into the early part of 2024.
Oil prices rose early Monday after two of the world’s largest exporters Russia and Saudi Arabia said they would stick to their additional voluntary production cuts until the end of the year.
Saudi Arabia said it will continue its extra cut of 1 million barrels per day through next month, reaffirming an announcement in September, in a statement Sunday. Russia then reiterated its plan to keep its additional cut of 300,000 barrels per day in place until the end of December.
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