Oil Climbs to 17-Month High on Saudi Pledge, Non-OPEC Output Cut
- Largest producers strengthen commitment to tighten supply
- Non-OPEC countries agree to trim output 558,000 b/d next year
Non-OPEC Producers Join Deal to Cut Production
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Oil advanced to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
Futures climbed 2.6 percent in New York and 2.5 percent in London. Saudi Energy Minister Khalid Al-Falih said Saturday the biggest crude exporter will “cut substantially to be below” the target agreed on last month with members of OPEC. His comments followed a deal by 11 non-OPEC countries to join forces with the group and trim output by 558,000 barrels a day next year, the first pact between the rivals in 15 years.