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Saudi Arabia, Russia push to extend oil output cut until March 2018

Reuters  |  BEIJING 

By Chen AizhuBEIJING (Reuters) - 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.The Organization of the Petroleum Exporting Countries meets in ...

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First Published: Mon, May 15 2017. 19:43 IST
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