Oil Prices Soar After Saudi Arabia Extends Crude Production Cut to December

Saudi Arabia and Russia announced further voluntary crude production cuts to support oil prices.

A man, mask-clad due to the COVID-19 pandemic, walks past a damaged silo at the Saudi Aramco oil facility in Saudi Arabia's Red Sea city of Jeddah, on Nov. 24, 2020. Fayez Nureldine/AFP via Getty Images

Crude oil soared in price after Saudi Arabia extended its voluntary production cut of 1 million barrels per day (bpd) for another three months until the end of December, state-owned media reported.

As a result of the extension, Saudi Arabia’s output will total 9 million bpd in October, November, and December.