Saudi Arabia to cut crude oil exports from Sep, crude oil price rebounds
According to the announcement from the Saudi Arabian official on August 8th, the Saudi Arabian government decided to cut the crude oil exports since September, to restrict under 7 million barrels daily.
The main reason for this strategy was because of the weak crude oil price in recent months. The policy was expected to make the exports lower than the demand, which would push the price increase. The policy had been supported by the Organization of the Petroleum Exporting Countries (OPEC) and the other allied countries.
The newest global crude price on August 9th had increased by more than 2%, which rebounded from a seven-month low.
