Saudi Arabia and Russia Agree to Extend Oil Production Cuts Through 2022 to Stabilize Volatile Market
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Saudi Energy Minister Prince Abdulaziz bin Salman said it's necessary to be "proactive" and bring stability to the volatile oil market.
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He said producers can't forecast prices even 6 months out and shouldn't target prices.
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Saudi Arabia and Russia agreed to continue voluntary oil supply cuts of 1.3 million barrels/day through end of 2022.
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Saudi minister said need to act depends on market volatility; attempts to target prices failed in the 1980s.
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Russian Deputy PM Novak said Russia's OPEC+ deal has had a stabilizing effect; terms evaluated monthly.
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