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Saudi, Russia Stick to Planned Oil Cuts Amid Mideast Tension - Bloomberg

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Saudi, Russia Stick to Planned Oil Cuts Amid Mideast Tension - Bloomberg

Saudi, Russia Stick to Planned Oil Cuts Amid Mideast Tension

- Both countries reaffirm the curbs that continue to year-end
- Oil has erased some gains since outbreak of Israel-Hamas war

Saudi Arabia and Russia reaffirmed that they will stick with oil supply curbs of more than 1 million barrels a day until the end of the year, even as turmoil in the Middle East roils global markets.

The leaders of the OPEC+ coalition announced the plans in separate official statements on Sunday. Riyadh has slashed daily crude production by 1 million barrels and Moscow is curbing exports by 300,000 barrels, on top of earlier cuts made with fellow OPEC+ nations.

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Saudi, Russia Stick to Planned Oil Cuts Amid Mideast Tension

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