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Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost

  • Energy ministers from both countries spoke by phone on Monday
  • Monitoring process should be modified to reflect new goal
Khalid Al-Falih, Saudi Arabia's energy minister, (right) and Alexander Novak, Russia's energy minister. 

Khalid Al-Falih, Saudi Arabia's energy minister, (right) and Alexander Novak, Russia's energy minister. 

Photographer: Akos Stiller/Bloomberg
Updated on

Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.

Their joint announcement came days after U.S. President Donald Trump said he’d received assurances from Saudi Arabia that the kingdom could boost output by double that amount. The White House backpedaled from the assertion the same evening.