Russia And Saudi Arabia Consider Even Deeper Oil Output Cuts

Russia and Saudi Arabia may be ready to enact deeper oil production cuts to stabilize prices, the energy ministers of the two countries said in a joint statement. The two will “continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” the statement said as quoted by Bloomberg. Last week, OPEC+ agreed to remove 9.7 million bpd of oil from the market, with the cuts beginning next month and remaining in effect until the…