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  • 04-06-20

    Saudi Arabia, Russia agree on crude oil output cut preliminary deal

    (MENAFN)



    Reuters said that Russia and Saudi Arabia have reached an agreement over an initial deal to increase the ongoing crude oil production cuts for one more month.

    Some of the countries are currently struggling of achieving the agreed target of the crude oil output reductions, as the figures in the previous month showed, which are namely Iraq, Nigeria, Kazakhstan.

    OPEC, which is called the Organization of the Petroleum Exporting Countries, along with OPEC+ alliance members and other big crude oil producers have reached an agreement in April to cut the daily oil output by about 9.7 million daily barrels for the period of two months.

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