July 9, 2019 / 7:29 PM / 12 days ago

Saudi cabinet says extension to cuts will help oil market stability

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria July 1, 2019. REUTERS/Leonhard Foeger

Cairo (REUTERS) - Saudi Arabia’s cabinet on Tuesday commended the agreement of the OPEC+ grouping to extend oil production cuts until the end of the first quarter of 2020, the Saudi Press Agency reported.

The Saudi cabinet said that the agreement “will contribute to the stability of oil markets”, a statement quoted by the state news agency said.

OPEC, Russia and other non-OPEC members, a grouping known as OPEC+, agreed this month to extend their oil supply cut by 1.2 million bpd (barrels per day) until the end of March 2020.

Reporting by Rania El Gamal; writing by Ahmed Tolba; editing by Alexander Smith

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