"Joint Efforts: Saudi Arabia and Russia Extend Voluntary Oil Cuts"

Saudi Arabia and Russia have announced that they will continue their voluntary oil cuts until the end of the year, citing tightening supply and rising demand as factors supporting oil prices. The decision comes ahead of a meeting of the OPEC+ ministerial monitoring committee, which is unlikely to make any changes to current oil output policy. Oil prices initially dropped following the news but later recovered. Saudi Arabia will maintain its voluntary cut of one million barrels per day (bpd) until the end of the year, with a review scheduled for next month. Russia had previously announced a reduction of 300,000 bpd until the end of 2021.