Riyadh signals deeper cuts after non-Opec curbs

London

SAUDI Arabia signalled that it's ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several other non-Opec countries pledged to curb output next year.

Taken together, the Organization of the Petroleum Exporting Countries's (Opec's) first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories.