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Keeping Renewable Energy Moving Forward

Oil Gains As Inventory Overhang Erodes, Saudis Cut Exports

Oil prices rose on Aug. 10, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.

Crude is down nearly 7% so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.

Saudi Arabia said on Aug. 8 it would cut supplies to most buyers in Asia—the world’s biggest oil-consuming region—by up to 10% in September.

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