Skip to content
Subscriber Only

Saudi Arabia, Russia Favor Extending Oil Cuts Through Next March

  • Supply deal could be prolonged at already agreed-upon volumes
  • Al-Falih says stockpiles won’t reach desired level by end-June
Bloomberg business news

Saudi Arabian Energy Minister Khalid Al-Falih discusses the OPEC oil production cuts, the success they've seen in the agreement and being in favor of extending the cuts. (Source: Bloomberg)

Updated on

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

Longer cuts at already agreed-upon volumes are needed to reduce global inventories to the five-year average, the energy ministers of the world’s biggest crude producers said at a joint press briefing in Beijing on Monday. They will present their position to other countries ahead of a meeting between OPEC and other producing nations later this month in Vienna.