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Russia, Saudi agree to extend oil output cuts until March 2018

May 15,2017 12:08

Oil prices have surged on Monday after Saudi Arabia and Russia agreed to extend crude oil output cuts until March 2018. This is part their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday. Crude oil ...and more »



Oil prices have surged Monday after Saudi Arabia and Russia agreed to extend crude-oil output cuts until March 2018. This is part their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday.
Crude oil rose by over 2.7% as of 11:35 a.m. BST (6:35 a.m. ET), with prices reaching $49.13 a barrel:
Markets Insider
Brent oil also rose by 2.4%, reaching $52.15 a barrel:
Markets Insider
The next round of cuts will be on the same terms as the existing deal, the Saudi energy minister, Khalid al-Falih, said at a joint briefing in Beijing.
Under the current agreement, the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de facto leader, and other producers including Russia pledged to cut output by almost 1.8 million barrels a day during the first half of the year.
Russia's oil minister, Alexandra Novak, said at the briefing the aim of the cuts was to rebalance the global crude market.

Get the latest Oil WTI price here.

SEE ALSO: Oil's OPEC rally is fading

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