July 5, 2023 VIENNA — Saudi Arabia’s energy minister defended Riyadh and Moscow’s recent oil cut decisions on Wednesday, despite a muted reception from the market. A small increase in the price of Brent crude was short lived. On Monday Saudi Arabia and Russia, two of the most powerful members of the Organization of Petroleum Producing Countries (OPEC), announced further production cuts to prop up the market. Riyadh confirmed it would extend its cut of 1 million barrels per day (bpd) through August, while Russia said it would reduce oil exports to 500,000 bpd in August, tightening global supplies. Although…