Oil suffered steep losses this week on renewed fears that the supply surplus might make a comeback  Saudi Arabia and Russia agree to extend cooperation. Saudi Arabia and Russia agreed to extend their pact to manage oil production levels, according to comments from Saudi oil minister Khalid al-Falih. “Saudi Arabia and Russia will interfere together, along with the heads of the other producing states, to prevent the market from falling out of balance,” he said. This echoes his interview earlier this week in which he said he was looking to formalize a partnership with Russia within an official OPEC+ architecture. OPEC ponders production cut as inventories rise. The fears of $100 oil seem long gone. OPEC suggested that it might need […]