Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of 2021, a move that could help stabilize the global oil market and boost energy prices. The combined cuts of 1.3 million barrels of crude out of the global market are intended to “support the stability and balance of oil markets”, pushing benchmark Brent crude above $90 a barrel in trading Tuesday afternoon. The agreement comes despite President Joe Biden's warning of unspecified “consequences” for partnering with Russia on cuts.
