Saudi Arabia said on Tuesday that it would extend its cut in oil production cut of one million barrels a day for three months, through for the rest of 2023.
The moves helped nudge oil prices, which have been on the rise in recent weeks, upward.
Futures for Brent crude, the international benchmark, briefly reached $90 a barrel for the first time since June 2022.
Together, the cuts amount to about 1.5 percent of global supplies.
The Saudi cuts, first announced early in the summer, are a move to support oil prices, and until now have been extended on a month-to-month basis.
Organizations:
Brent, West Texas
Locations:
Saudi Arabia, Russia, OPEC, U.S, Saudi, United States