Oil price: will rising energy prices slow down the global economic growth again?
Rising oil prices in August The price of oil has been on the rise for two successive months, a development can partially attributed to the production cuts of over 1.5 million bpd by two leading players in the OPEC+, Russia and Saudi Arabia. Perhaps buoyed by the apparent succss of pushing oil prices up, the Saudis are now saying that they may extend the production cuts to September - and even beyond that. In short, as far as the world's biggest exporter of the crude oil is concerned, nothing is off the table, according to the Saudi oil minister, Prince Abdulaziz bin Salman, the half-brother of the Crown Prince. It goes without saying that the production cuts result in less sales - and less revenue. The revenues earned by Saudi Arabia from oil have been on decline in recent months. The Kingdom, however, appears to be determined to sticking to the existing course of action on the basis of 'come-what may'. Russians, meanwhile, agree with the Saudis on production cuts. They m
