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 one 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". In a report on Monday announcing that the cut would continue through August, the official Saudi Press Agency said it "can be extended" further, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary
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