Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June [Video]

Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter.

OPEC+ refers to the coalition of the Organization for the Petroleum Exporting Countries and its allies, steered by Riyadh and Moscow.

Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country’s Ministry of Energy.

Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, the announcement said.

Russia will trim its production and export supplies by a combined 471,000 barrels per day until the end of June, Russian Deputy Prime Minister Alexander Novak said, according to a Google-translated report carried by Russian state-owned agency Tass. Moscow had volunteered to reduce its supplies by a slightly higher 500,000 barrels per …