Saudi Arabia production for Oct, Nov and Dec will be 9 million barrels per day

<ul><li>Oil production cuts to be kept in place through year end</li><li>Decision will be reviewed monthly</li><li>Additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of suporting the stability and balance of oil markets</li></ul><p>Expect Russia to offer the same. Oil is jumping, rising by $1 now after earlier falling by 50-cents. </p><p>This may put a true squeeze on the oil market. Russia hinted at it last week so there's some risk of a 'sell the fact' trade here but I think physical traders are seeing inventories drawing down.</p>

This article was written by Adam Button at www.forexlive.com.