Saudi Arabia eyes stepping up measures to stabilize oil market

The government of Saudi Arabia, during a meeting held on July 11, confirmed the desire of the kingdom to step up measures within the OPEC+ to maintain the stability of the oil market, Report informs referring to TASS citing the Saudi Press Agency.

The Council of Ministers reiterated the Kingdom’s desire to step up measures taken by the OPEC+ countries to maintain stability and balance in the oil market, including the announcement of an extension of the voluntary cut by 1 million b/d, the text reads.

The Saudi government added that the cut in oil production, extended to August, could be prolonged.