Oil producers led by Saudis extended supply cuts amid slack prices

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Saudi Arabia and allied oil producing countries have extended their deep output cuts aimed at supporting slack prices. Oil prices have slumped even in the face of turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, decided at an online meeting Sunday to carry 5.8 billion barrels in production cuts into next year. The Saudis need higher oil prices to fund ambitious plans to diversify the country’s economy away from fossil fuel exports. Higher prices would also support Russia in its war against Ukraine.