The world's biggest oil exporters, Saudi Arabia and Russia raised prices to cut oil output on Monday, despite concerns about a global economic slowdown and possible further interest rate hikes by the US Federal Reserve.
OPEC+, which brings together the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has been cutting supplies since November last year to boost prices due to weaker Chinese demand and rising US supply, but has so far failed to change much. and deviate from the range of 70-80 dollars per barrel.
