Saudi Arabia’s oil decision could keep pushing up prices at the pump
“Crude oil prices continue to climb as Saudi Arabia and other OPEC+ members continue with further production cuts,” AAA Texas spokesman Daniel Armbruster said in a statement. “When it comes to the price of retail gasoline there are several factors, but the cost of crude oil is the primary driver. Pump price fluctuations remain possible as demand for fuel is strong.”Experts say this year’s jump in prices is unusual, with record-breaking summer heat playing a role.
The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the Energy Ministry. The official added that the cut “can be extended or deepened” if the need arises.“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the official said.The move was widely expected by analysts.
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. The Saudis are particularly keen to boost oil prices in order to fund Vision 2030, an ambitious plan to overhaul the kingdom’s economy, reduce its dependence on oil and create jobs for a young population. The plans include several massive infrastructure projects, including the construction of a futuristic $500 billion city called Neom.
Western sanctions mean Moscow is forced to sell its oil at a discount to countries like China and India. Its estimated export revenue fell by $1.4 billion to $13.3 billion in May, down 36% from a year ago, the International Energy Agency said in a report in June.
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