Saudi Arabia And Russia Will Stick To Oil Production And Export Cuts

Saudi Arabia and Russia have confirmed they will extend their voluntary production and export cuts until the end of the year in a largely expected move to keep a lid on a solid portion of global supply. "This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," Reuters quoted a statement from the Saudi energy ministry as saying. Saudi Arabia has been producing around 9 million barrels daily, effecting a voluntary reduction of some…