Saudi Arabia and Russia Agree On Need To Extend Cuts To March 2018

Oil

Saudi Arabia and Russia have stated that they are in agreement on the need to extend oil output cuts for a further nine months until March 2018, newswires report, citing both of the country’s energy ministers. Saudi Arabia’s 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.