Saudi Arabia: Extension of Voluntary Oil Production Cuts Aims to Support Market Stability

The Saudi Press Agency reported that "the Council of Ministers praised today, Tuesday, the outcomes of the latest OPEC+ meeting." The Council of Ministers explained that "the decision by the Kingdom, along with seven other countries in the group, to extend voluntary oil production cuts is a reinforcement of the precautionary efforts made by the group to support the stability and balance of oil markets." Saudi Arabia, along with Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and the UAE, has extended voluntary cuts of 2.20 million barrels per day for three months until the end of September.