SUPPLY HIT: They might keep doing it, too.
The national average for U.S. gas prices stood at about $3.82 a gallon on Tuesday — about 30 cents higher than a month ago, according to motor club AAA. While today's prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia's invasion of Ukraine, experts say such a jump is unusual.
The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. This year's record-breaking summer heat has also had an impact, driving up demand for air conditioning and forcing refineries to operate at reduced capacity.A series of production cuts over the past year has failed to substantially boost prices amid weakened demand from China and tighter monetary policy aimed at combating inflation. Brent has largely hovered between $75 and $85 a barrel since last October.
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Saudi Arabia extends 1 million bpd oil cut, may deepen it in futureSaudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened.
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Saudi Arabia Extends Oil Production Cuts, Further Irking US Officials – Economics Bitcoin NewsSaudi Arabia said Thursday it will keep oil production nearly one million barrels per day below its quota for another month. Economics
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Saudi Arabia’s oil decision could keep pushing up North Texas prices at the pumpTexas’ current per-gallon rate has risen 10 cents this week as the kingdom extends its cut of 1 million barrels of oil a day in a bid to boost sagging energy...
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