Riyadh, Moscow agree to extend oil supply cuts till March 2018
Energy ministers from both countries 'to do whatever it takes' to reduce global stocks to their five-year average
Beijing
SAUDI Arabia and Russia, the world's top two oil producers, agreed on Monday to extend oil output cuts further until March 2018 to rein in a global crude glut, pushing up prices.
The timing of the announcement ahead of the next official meeting of the Organisation of the Petroleum Exporting Countries (Opec) on May 25 and the statement's strong wording surprised markets, with the move expected to go a long way to ensure that other Opec members and producers who participated in the initial round of cuts fall into line.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few
China State Shipbuilding to build 18 LNG ships for QatarEnergy
Shell earns US$1 billion a year from US crude trading, court filing shows
Gold eases as steady US dollar dampens appeal