An official source from the Saudi Ministry of Energy told state-run news agency SPA Thursday that the kingdom will extend this voluntary cut of one million barrels per day for the month of September. The source told state media the cut could be extended further and the move is aimed at supporting the stability and balance of oil markets.
Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets. A White House official responded to the Saudi output news by noting that prices have come down significantly since last year. “We will continue to work with producers and consumers to ensure energy markets support economic growth and to lower prices for American consumers,” the official told CNN in a statement. The national average for regular gas climbed to $3.