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OPEC+ extends oil cuts in win for Saudi-Russian alliance

The oil cartel agreed to a one-moth extension of its record oil production cuts and adopted a more stringent approach to make sure its members do not produce more than pledged.

Photo: Leonhard Foeger/Reuters/RitzauScanpix

OPEC+ agreed to a one-month extension of its record oil-production cuts and adopted a stricter approach to ensuring members don’t pump more than they pledged.

The deal will underpin the oil market’s recovery, easing the financial pain felt by resource-dependent emerging economies, shale explorers in Texas, and blue-chip companies such as Royal Dutch Shell Plc.

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