Date
2026-02-04
Category
Finance
Location
Riyadh, Riyadh Province, Saudi Arabia
Archive
Event #403
Global Oil Prices Rise After Saudi and Russia Production Cut Extension
On February 4, 2026, global oil benchmark prices increased following announcements that Saudi Arabia and Russia agreed to extend voluntary crude production cuts through March.
Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that the Kingdom would maintain reductions, and Russia’s Energy Ministry stated it would continue its own supply constraints as part of a broader OPEC+ strategy.
The extension followed recent market concerns about demand growth in key economies, including China and Europe, and traders adjusted positions accordingly.
Benchmark Brent crude rose above $85 per barrel in early trading, while U.S. West Texas Intermediate futures also recorded gains on the production cut news.
This event in context
This event belongs to the Finance timeline. It is anchored to Riyadh. Tagged themes help place it within a wider story chain.
.jpg)
