Oil Prices Jump As Saudi Arabia And Russia Make Output Deal
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The Decision Indirectly Impacts Inflation, Interest Rates, And Russia's Brutal Assault On Ukraine
September 19, 2023—As oil prices prop up inflation and the Russian war economy, policy decisions impacting oil are significant. So it matters when two of the world's largest oil-producing countries make a deal to restrict output to push up prices. The two countries are Saudi Arabia and Russia.
As oil prices continue to rise so does the scrutiny of Saudi Arabia's decision to side with Russia.
The Price of Oil
This story starts with a look at the cost. The price of oil rose in August and again in September to $92 a barrel WTI (U.S.) and $95 a barrel Brent (British). On average, oil output from OPEC countries also jumped month-on-month by 6 perc...