Saudi Cabinet says agreement to extend oil production cut will stabilize market

Saudi Arabia’s Cabinet on Tuesday, in a meeting chaired by King Salman, commended the agreement reached during the recent OPEC and OPEC + grouping to extend oil production cut until the end of the first quarter of 2020.

The agreement would contribute to the stability of oil markets, the Cabinet said.

The move would also establish a framework of sustainable cooperation which would work to the benefit of producers, consumers, and the global economy, the council of ministers agreed.