Saudi OilMin Al-Falih: Russia, Saudi OPEC+ deal will help stabilize oil market; OPEC meeting eyed

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.

His comments come after the Russian President Putin said that  Russia agreed with Saudi Arabia to extend the OPEC+ oil output cuts deal.

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.