Moscow and Riyadh both announced additional production reductions on Monday The latest move to extend oil production cuts by the world’s biggest exporters, Saudi Arabia and Russia, shows strong teamwork between Riyadh and Moscow, Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday. Saudi Arabia said on Monday it would extend its voluntary crude output cut of one million barrels per day for another month to include August, while Russia simultaneously announced a 500,000 barrel-per-day decline in exports next month. The cuts will amount to 1.5% of global supply. “It is quite telling seeing us on Mond
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