Saudi Arabia, Russia to extend voluntary oil cuts to tighten supply
The announcement from the two most powerful members of the OPEC+ group came hours before ministers from the cartel of oil-producing nations were set to meet virtually on Wednesday.
Saudi Arabia and Russia announced on Wednesday that they would extend their voluntary oil cuts until the end of the year in a move to tighten supply to support oil prices.
Brent Crude was at $89.96 at 10am GMT on Wednesday, down from $90.77 at the beginning of the day.
The announcement from the two most powerful members of the OPEC+ group came hours before ministers from the cartel of oil-producing nations were set to meet virtually on Wednesday.
OPEC+, which includes the Organization of Petroleum Exporting Countries and oil-producing allies such as Russia, has been cutting crude output since last year in what it says is an effort to preserve the stability and balance of the market.
