Saudi cabinet says extension to cuts will help oil market stability

The base for Saudi Aramco’s Natural Gas Liquids plant and oil production in the surrounding Shaybah field. (AFP)

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 (SPA) 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.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55