Riyadh may need prices of as much as $100 a barrel to cover government spending, according to Bloomberg Economics.Saudi Arabia raised nearly all oil prices for September to Asia and Europe as supply restrictions and rising demand tightens the crude market.
The move comes after the kingdom, the world’s biggest oil exporter, extended a unilateral supply cut into September and said it could be prolonged further or even deepened. Russia also pledged to reduce its exports. Oil posted a sixth straight weekly gain, the longest winning streak in more than a year, after the Opec+ heavyweights extended the cuts and US stockpiles sank by a record.
France Dernières Nouvelles, France Actualités
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Heat and wildfires put southern Europe’s vital tourism earnings at riskTourists at a seaside hotel on the Greek island of Rhodes snatched up pails of pool water and damp towels as flames approached, rushing to help staffers and locals extinguish one of the wildfires threatening Mediterranean locales during recent heat waves.
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