Arab News

RIYADH: The Saudi Cabinet said it is continuing to closely monitor the oil market conditions and is prepared to take any additional measures in partnership with OPEC+ members and other producers, Saudi state-news agency SPA reported Tuesday.

The Cabinet also discussed the Kingdom’s efforts in its endeavor to achieve stability for the petroleum market, and its cooperation with Russia is committed to implement the targeted reductions agreed upon for the next two years.

Under the deal, Riyadh and Moscow will cut 2.5 million barrels per day each.

The OPEC+ group of major producers last week agreed record production cuts of 9.7 million bpd to prop up prices that had shed more than 60 percent as the COVID-19 illness shut down businesses worldwide.

Producers outside the alliance pledged to cut an additional 3.7 million bpd.

But that was not enough to prevent crude prices plunging into negative territory for the first time on Monday.

(with Agencies)