Saudis, Russia favor extending oil cuts until end-March 2018

During a joint press conference, the energy ministers of Saudi Arabia and Russia have announced that extending the production cap is necessary to reach the set goal for reducing global inventories.

BY BLOOMBERG NEWS

Saudi Arabia and Russia said they favor prolonging oil-output cuts by global producers through the end of the first quarter of 2018, setting a firmer timeframe for a likely extension of the curbs into next year. Crude prices jumped.

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