In order to keep crude oil prices stable on the world market, the OPEC+ countries, including heavyweight Russia, have agreed to maintain previous production cuts through 2024, while Saudi Arabia cuts output by 1 million barrels per day.
Oil prices are up after Saudi Arabia, a key member of the Organization of the Petroleum Exporting Countries, announced more production cuts, which include reducing production by an additional 1 million..
Saudi Arabia, an OPEC heavyweight, decided on Sunday to make a further cut in production in the hope of boosting slumping oil prices, against an economic backdrop overshadowed by the war in Ukraine.
Credit: euronews (in English) Duration: 01:00Published