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Saudi Arabia affirms OPEC+ pact aims for market balance, stability

OPEC and allies led by Russia, a group known as OPEC+, agreed on Sunday to cut oil output to prop up prices amid th
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By Reuters
  • OPEC and allies led by Russia, a group known as OPEC+, agreed on Sunday to cut oil output to prop up prices amid the coronavirus pandemic.

RIYADH: Saudi Arabia's cabinet of ministers affirmed on Tuesday that a recent multilateral crude supply reduction pact is an extension of the kingdom's previous efforts to achieve market balance and stability, state news agency SPA reported.

OPEC and allies led by Russia, a group known as OPEC+, agreed on Sunday to cut oil output to prop up prices amid the coronavirus pandemic in an unprecedented deal that could curb global supply by up to 20pc.

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