The latest round of voluntary crude oil output cuts evidence the cooperation between heavyweight producers and allies Russia and Saudi Arabia, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday. On Monday, Saudi Arabia said it would extend the 1-million-barrel-per-day production cut it had initially flagged for July into August, while Russia announced a 500,000 barrel-per-day decline in exports next month. This adds to the just over 1.66 million-barrels-per-day of voluntary drops that some members of the Organization of the Petroleum Exporting Countries and its allies — known as OPEC+ — had ... (full story)