Saudi Arabia, Russia Pushing for Three-Month Extension to Oil Cut Deal

29 Aug 2017   OPEC

A view of an oil refinery plant in Novokuibyshevsk, Russia, late last year. Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said. Saudi Arabia’s energy minister Khalid al-Falih discussed the proposal with his Russian counterpart, Alexander Novak, in July at a meeting in St. Petersburg about compliance with the production cap, according to two of the people familiar with the matter. The two ministers, who are the most powerful figures among the producing countries participating in the cut, have been lobbying for support from other countries since the St. Petersburg meeting, the people said. Neither minister responded immediately to a request for comment. The Organization of the Petroleum Exporting Countries joined forces […]

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