The international price of Brent oil exceeded 90 dollars per barrel.

This rise comes after the decision of Saudi Arabia and Russia to extend until the end of the year the daily cuts in oil production by 1 million and 300,000 barrels respectively.

Russia is reminded that it had decided to reduce its oil exports by 500,000 barrels per day in August

“As part of efforts aimed at ensuring that the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day, reducing its exports by that amount to international markets,” it said. then Deputy Prime Minister Alexander Novak.

Russia, the world’s second-biggest oil exporter after Saudi Arabia, will extend its voluntary output cut of 1 million barrels a day for another month to include August, the Saudi government said at the time. state news agency.

Igor Sehin, the head of Russian energy group Rosneft, said last month that Russia was lagging behind other countries in the OPEC+ alliance as a smaller percentage of its oil production was exported. According to him, some countries of the OPEC+ alliance export up to 90% of their production, while Russia has only half of its production on the world market.

Urals crude prices averaged $55.28 a barrel in June, compared with $87.25 a year earlier and below the price ceiling imposed by the West, according to the Economy Ministry.