The Big Story 

Saudi Arabia and Russia announced significant cuts to oil supply and exports Monday, citing a need to “stabilize markets.”

© Getty

Saudi Arabia’s state-owned Saudi Press Agency announced July cuts of 1 million barrels will extend into August, producing about 9 million barrels a day through the month.

Russian Deputy Prime Minister Alexander Novak, meanwhile, said Monday that “[w]ithin the efforts to ensure the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets.” It’s unclear, however, whether the cut will result in reduced production or only reduced exports.

Much of the West, including the U.S., have sought to hamper Russian oil imports since the country invaded Ukraine in 2022, including de facto price caps on sea-borne Russian oil.

…

Read more in a full report at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. We’re off tomorrow but we’ll be back on Wednesday. Happy 4th of July! 

Did someone forward you this newsletter? Subscribe here.

Essential Reads 

How policy will affect the energy and environment sectors now and in the future:

China imposes export controls on rare minerals used to make semiconductor chips

Risk of heat-related illnesses to remain high through weekend amid sweltering heat in South

Tribal nations push for seats at the table in Colorado River negotiations

In Other News 

Branch out with a different read on The Hill:

Human society is shifting the tilt of the Earth

Humans pumped so much groundwater out of the Earth that the planet has begun to wobble detectably on its axis, a new study has found. On its own terms, the magnitude of the new wobble is slight — a …

What We’re Reading 

News we’ve flagged from other outlets touching on energy issues, the environment and other topics:

• Why the media too often ignores the connection between climate change and meat (Vox)
  
  

• White House cautiously opens the door to study blocking sun’s rays to slow global warming (E&E News)

   

• How climate change inflames extremist insurgency in Africa (The Washington Post)
  

Upcoming Event 

The Hill’s Clean Energy Permitting Reform: The Path Ahead, Wednesday, July 26, 2023, 8-10 a.m. ET | National Press Club

Join The Hill on July 26, 2023, from 8-10 a.m. at the National Press Club as we convene lawmakers, clean energy experts and executives to discuss renewable energy infrastructure deployment, reaching clean energy goals and the outlook for greater reforms.

Guests include, Rep. John Curtis (R-Utah), Vice Chair of the Energy, Climate & Grid Security Subcommittee and Vice Chair of the Federal Lands Subcommittee; Xan Fishman, Director of Energy Policy & Carbon Management at the Bipartisan Policy Center; Sen. John Hickenlooper (D-Colo.), Member of the Energy & Natural Resources Committee; and Heather Reams, President of Citizens for Responsible Energy Solutions (CRES)

What Others are Reading 

Two key stories on The Hill right now:

Senate rankings: five seats most likely to flip

The 2024 battle for the Senate started with a bang earlier this year and has not let up, as candidates in top races continue to roll out their campaigns and incumbents scratch and claw to win reelection. Their efforts will determine who will control the upper chamber for the next two years. Read more

Man denies making request cited in landmark Supreme Court LGBTQ case

As website designer Lorie Smith battled Colorado’s public accommodation law, she claimed that one day after filing her lawsuit, a man requested she design a website for his upcoming same-sex marriage.

 Read more

Opinions in The Hill 

Op-eds related to energy & environment submitted to The Hill: