Last Sunday, Saudi Arabia and Russia, the world's largest oil producers, agreed to continue cutting oil production until the end of the year due to concerns over economic demand that continues to weigh on the world crude oil market.
The two countries said the crude oil cuts will be reviewed to consider whether to extend the cuts, further reduce or increase next month.
Saudi Arabia confirmed that it will continue to cut crude oil by 1 million barrels per day starting in December this year, the Ministry of Energy Resources said.
He said again, the action is to strengthen the precautionary measures taken by the OPEC+ countries to support the stability and balance of the oil market.
Following that statement, Russia also agreed to reduce the production of 300,000 barrels of crude oil and petroleum until the end of December.
Crude oil prices peaked last September at around $98, but they are seen weakening in the market at just $85 a barrel due to the ongoing Middle East conflict.
