OPEC+ Extends Supply Cuts Amid Slack Prices
Cuts Total 5.8 Million Barrels a Day
FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on June 2 extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season.
The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended three different sets of cuts totaling 5.8 million barrels a day.
