Sour Crude Oil Prices Skyrocket As Saudi Arabia Tightens Supply

Saudi Arabia and its fellow OPEC+ producers may not have lifted the international crude oil futures with their production cuts, but the reduced supply from the world’s top crude exporter has sent the prices of sour crudes rallying in recent weeks.   In early June, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July to around 9 million bpd. Last week, Saudi Arabia said it would extend its…