Oil ministers for the two countries said that 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. Mr Khalid al-Falih, Saudi energy minister, said that the next round of cuts will be on the same terms as the existing deal.
Under the current agreement, the Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, and other producers including Russia pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.
Mr Alexandra Novak, Russian oil minister said at the briefing the aim of the cuts is to rebalance the global crude market.
Source : REUTERS
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