Oil Prices Reach Multi-Month Highs On Supply Cuts, Rising Demand
- Saudi Arabia and Russia implement extended production cuts through September.
- Refinery outages and rising demand contribute to tightening supply.
- US shale producers increase output through well productivity gains rather than new drilling.
- Forecasts predict record US oil production in 2023-2024 despite supply constraints.
- High oil prices raise inflation concerns and pressure Biden to balance environmental and economic factors.
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