Oil Soars Above $90 As Saudi Arabia Extends Deep Output Cuts

Saudi Arabia will extend its voluntary 1 million bpd crude oil production cut through the end of this year, according to the official Saudi Press Agency. This brings Saudi Arabia’s targeted crude oil production to 9 million bpd for the remainder of the year. However, the extension will still be reviewed monthly, media reported on Tuesday afternoon. Oil markets have been guessing how OPEC will proceed with its oil production strategy—with Russia and Saudi Arabia’s role in OPEC’s plan taking the top spot of concern. Market…