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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

Published Mon, May 15, 2017 · 09:50 PM
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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.

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