Saudis, Russia Extend Their Oil-Supply Curbs to Year-End
- Kingdom prolongs 1 million b/d production cut to December
- Brent crude rises above $90 a barrel for first time since Nov.
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Saudi Arabia and Russia prolonged their unilateral oil supply curbs by another three months, a more aggressive move than traders had been expecting as the OPEC+ members seek to support a fragile global market.
The leader of the Organization of Petroleum Exporting Countries will continue its production cutback of 1 million barrels a day until December, according to a statement published by the state Saudi Press Agency on Tuesday. The move will hold output at about 9 million barrels a day — the lowest level in several years — for six months in total.