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.
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
