Voluntary additional cuts by Saudi Arabia, UAE and Kuwait of oil production are due to last for only one month, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said during an OPEC webinar with journalists on Monday. The Organization of Petroleum Exporting Countries (OPEC), Russia and allies, a group known as OPEC+, agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supply from the market.
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