UAE Energy Minister Suhail Mohamed Al Mazrouei on Wednesday said Saudi Arabia extended its voluntary cut in oil production not just for the benefit of the kingdom but for the entire market.
The minister made the announcement while addressing the OPEC international seminar in Vienna.
Earlier in July, Saudi Arabia announced that it would extend July’s voluntary cut in oil production by one million barrels per day to August.
Russian Deputy Prime Minister Alexander Novak said that Russia would also voluntarily reduce oil exports by 500,000 barrels per day in August to ensure the balance of the oil market.
