"Saudi Arabia and Russia Extend Voluntary Oil Cuts Agreement"

Saudi Arabia and Russia have confirmed that they will continue their additional voluntary oil output cuts until the end of the year, in response to concerns over demand and economic growth. Saudi Arabia will maintain its additional cut of 1 million barrels per day (bpd), while Russia will continue its cut of 300,000 bpd. The cuts will be reviewed next month to consider extending, deepening, or increasing them. The OPEC+ alliance, which includes OPEC countries and allies like Russia, has been reducing output since last year to maintain market stability. Despite support from conflicts in the Middle East, oil prices have weakened to around $85 a barrel.