Oil prices surged Monday to their highest since mid-April, following an attack on a key Russian oil export hub and extended production cuts by OPEC kingpin Saudi Arabia and Russia.
Over the weekend, Ukraine launched a naval drone attack on Russia's port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports.
In addition, the world's top oil exporter Saudi Arabia last Thursday extended its voluntary crude oil output cut of a million barrels per day to the end of September.
Saudi Arabia's million barrel per day cut was implemented in July through to August, and the cut "can be extended or extended and deepened," the state-owned Saudi Press Agency said last week.
Russia, the world's second largest oil exporter, also pledged Thursday to voluntarily trim oil exports by 300,000 million barrels per day in September.
Persons:
Josh Young
Organizations:
Saudi Press Agency, Bison
Locations:
Saudi Arabia, Russia, Ukraine, Novorossiysk, Saudi