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Energy and Environment

New Russian and Saudi oil cuts tighten markets and threaten gas price increase

By Breanne Deppisch
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New Russian and Saudi oil cuts tighten markets and threaten gas price increase


Oil prices increased Monday on the news that Saudi Arabia and Russia would each impose additional supply cuts for the month of August, amounting to roughly 1.5% of global supply and threatening to push up gas prices for drivers across the United States through the second half of the year.

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Biden Administration Oil OPEC Russia Russia-Ukraine War Saudi Arabia