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

Reuters  |  BEIJING 

BEIJING (Reuters) - Saudi Arabia and Russia have agreed to extend crude oil output cuts until March 2018 in their latest effort to rebalance the global crude market, energy ministers for the two major oil producers said on Monday.The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing with his Russian counterpart Alexander Novak.News of the joint deal sent crude prices up more than 1.5 percent in Asian trading.In a joint statement issued after the briefing, both ministers agreed to do whatever it takes to ...

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First Published: Mon, May 15 2017. 09:36 IST