Saudi extends oil production cut as Russia reduces exports

Saudi extends oil production cut as Russia reduces exports

RIYADH — Saudi Arabia said on Monday it was extending a voluntary oil production cut and Russia said it was slashing exports, as major producers tried to prop up slumping prices.

The cut by Riyadh of 1 million barrels per day was first announced after a June meeting of oil producers and took effect at the weekend.

Saudi Energy Minister Prince Abdulaziz bin Salman noted at the time that it was "extendable".