REUTERS/Ramzi Boudina/File PhotoCompanies United States of America FollowDUBAI, July 3 (Reuters) - Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve.
The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd.
OPEC+ already has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April and extended to December 2024.
Oil prices rose on news of the cuts, with Brent up 89 cents to $76.30 a barrel by 0950 GMT.
Russia, the world's second largest oil exporter after Saudi Arabia, has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end.
Persons:
Ramzi Boudina, Alexander Novak, Brent, Maha El Dahan, Jana Choukeir, Jason Neely, David Evans
Organizations:
Organization of, Petroleum, REUTERS, Companies, U.S . Federal Reserve, OPEC, Ministry of Energy, Thomson
Locations:
OPEC, Algiers, Algeria, States, America, DUBAI, Saudi Arabia, Russia, Saudi, Moscow