Saudis Extend 1 Million-Barrel Oil Cut, Say Can Be Deepened
- Riyadh says it’s supporting stability of global oil markets
- Russia to taper its export cut to 300,000 barrels a day: Novak
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Saudi Arabia extended its unilateral oil production cut by another month, and said it could be prolonged further or even deepened.
The leader of the Organization of Petroleum Exporting Countries will continue the cutback of 1 million barrels a day — launched last month — into September, according to a statement on state Saudi Press Agency. That will hold output at about 9 million barrels a day, the lowest level in several years. Crude futures jumped.