Abdulaziz bin Salman

Saudi Arabia said yesterday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilize markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.

Riyadh on June 4 announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.

Oil prices fell nearly 1 percent in early European trade, erasing yesterday's gains on concerns about the viability of the bipartisan US debt ceiling deal and mixed messages from top oil producers ahead of the OPEC+ meeting later in the week.

Saudi Arabia plans to use its own uranium resources to develop the kingdom's civilian nuclear programme, its energy minister has said.

The world's biggest oil exporter is trying to reduce its dependence on crude and announced in 2018 a plan to build 16 nuclear reactors over two decades. 

Top crude exporter Saudi Arabia will aim to achieve net zero carbon emissions by 2060, its de facto ruler said on Oct. 23, days before the COP26 global climate summit.

The kingdom, one of the world's biggest polluters, said it would also join a global effort to cut methane emissions by 30 percent by 2030.