Saudi cabinet says extension to cuts will help oil market stability

OPEC, Russia and other non-OPEC members agreed this month to extend their oil supply cut until the end of March 2020



Image courtesy: Saudi Press Agency

Saudi Arabia’s cabinet on Tuesday commended the agreement of the OPEC+ grouping to extend oil production cuts until the end of the first quarter of 2020, the Saudi Press Agency reported.

The Saudi cabinet said that the agreement “will contribute to the stability of oil markets”, a statement quoted by the state news agency said.

OPEC, Russia and other non-OPEC members, a grouping known as OPEC+, agreed this month to extend their oil supply cut by 1.2 million bpd (barrels per day) until the end of March 2020.