Saudi Arabian Cabinet said on Tuesday that its government praised the latest decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations to “voluntarily” extend the oil production cuts during the remaining part of the year. The governmental body noted in a statement that the confirmation of “the decision of the Kingdom and the other seven countries […] was taken at their meeting in Riyadh.” In addition, it reaffirmed that the move seeks to align with “precautionary efforts made by the OPEC+ group supporting the stability and balance of oil markets.”