Saudi Arabian Energy Minister Khalid al-Falih took to Twitter late on Saturday, noting that the that the agreement between the Russian and Saudi leaders at the sidelines of the G20 Summit to extend the OPEC+ oil output cut agreement from July would help reduce global inventories and stabilize the oil markets, as cited by Reuters.
Oil markets are likely to cheer a potential OPEC+ oil supply cuts deal extension. However, the outcome of OPEC+ meeting scheduled on July 1-2 will emerge the main decisive factor for the future oil-price direction.
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