Saudi Arabia, Russia extend oil cuts ahead of OPEC+ committee meeting

OPEC+ leaders Saudi Arabia and Russia are set to keep tightening the oil market into the autumn, announcing Aug. 3 they will extend their supply cuts through at least September. Saudi Arabia will continue the 1 million b/d cut that is holding crude production at a two-year low of 9 million b/d, while Russia is tapering its 500,000 b/d export…