{"id":347059,"date":"2023-08-04T01:15:43","date_gmt":"2023-08-03T20:15:43","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=347059"},"modified":"2023-08-04T01:15:43","modified_gmt":"2023-08-03T20:15:43","slug":"oil-prices-go-up-after-saudi-arabia-extends-production-cuts","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/oil-prices-go-up-after-saudi-arabia-extends-production-cuts\/","title":{"rendered":"Oil prices go up after Saudi Arabia extends production cuts"},"content":{"rendered":"<p>ISLAMABAD: Crude oil prices jumped on Thursday after Saudi Arabia announced to extend its unilateral voluntary cut of one million barrels per day (bpd) into September. As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.51 (+0.61 percent) to reach $83.71 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.57 (+0.72 percent) to $80.06 a barrel. However, the price of Russian Sokol slipped by $1.11 (-1.42 percent) to $77.26. Arab Light prices witnessed a decrease of $2.16 (-2.43 percent) to reach $86.70 a barrel. On the other hand, the price for Opec Basket rose by $0.15 (+0.17 percent) to $86.60. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices \u2013 which were flat until then \u2013 rose. The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of a regular meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group, which regularly discusses the situation on the market and the need for OPEC+ intervention. The panel is not expected to change the OPEC+ production policy. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: Crude oil prices jumped on Thursday after Saudi Arabia announced to extend its unilateral voluntary cut of one million barrels per day (bpd) into September. As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.51 (+0.61 percent) to reach $83.71 a barrel. The West Texas Intermediate (WTI), [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-347059","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil prices go up after Saudi Arabia extends production cuts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/oil-prices-go-up-after-saudi-arabia-extends-production-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices go up after Saudi Arabia extends production cuts\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD: Crude oil prices jumped on Thursday after Saudi Arabia announced to extend its unilateral voluntary cut of one million barrels per day (bpd) into September. As of 1335 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.51 (+0.61 percent) to reach $83.71 a barrel. 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