Saudi Arabia, Russia Push To Extend Oil Output Cut Until March 2018

May 15, 2017, Written by

American Shale Keeping Lid On Crude





Saudi Arabia, Russia Push To Extend Oil Output Cut Until March 2018

Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.

Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would “do whatever it takes” to reduce the inventory overhang, using a phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro…

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