Niaga AWANI: Russia and Saudi Arabia Extend Oil Production Cuts as G7 Eases Oversight

Russia and Saudi Arabia, key leaders in the OPEC Plus alliance, have announced an extension of voluntary oil production cuts until the end of the year to stabilize global oil prices. Meanwhile, the G7 and its allies have halted regular reviews of the Russian oil price cap scheme, even though Russian crude prices have exceeded the cap due to rising global crude prices.