Saudi Arabia and Russia reach compromise on oil pact: Kemp

Ministers from OPEC and their allies have agreed to extend their production pact all the way to the end of 2018 but with a review in June that will take into account market conditions and progress toward rebalancing. The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce an extension throughout 2018) and non-OPEC heavyweight Russia (which wanted to avoid giving such a long commitment). Sponsored The decision was in line with traders’ expectations and there has been little change in either outright crude prices or calendar spreads since the decision was announced on […]

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