Saudi Arabia and Russia Extend Voluntary Oil Output Cuts Through 2022 to Support Prices

Saudi Arabia and Russia said they will continue voluntary oil output cuts until end of 2022 to support oil prices.

The cuts come ahead of an OPEC+ meeting but a change in policy is unlikely.

Saudi will continue cutting output by 1 million bpd and review again next month.

Russia will reduce exports by 300,000 bpd through end of 2022.

The cuts are in addition to those agreed by OPEC+ in April that run through 2024.