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Saudi Arabia, Russia near agreement to extend oil output cut

Saudi Arabia, Russia near agreement to extend oil output cut

Riyadh - Mubasher: Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month, Reuters reported.

Some countries are facing the challenge of meeting the production cut targets as shown by last month’s figures, namely Iraq, Nigeria, Kazakhstan.

The Organization of the Petroleum Exporting Countries (OPEC), members of the OPEC+ alliance and other major producers agreed in April to reduce oil production by around 9.7 million barrels per day (bpd) for two months.