Skip to content
Subscriber Only

Saudis, Russia in Tentative Deal for Gradual Oil-Output Hike

  • The countries are still negotiating the details, delegates say
  • They are discussing adding 2 million b/d from Aug. to Dec.
This Is Where Saudi Arabia Gets Its Oil
Photographer: Simon Dawson
Updated on

Saudi Arabia and Russia reached a tentative agreement to gradually increase OPEC+ oil output, but prices kept rising as the cartel looked set to keep a firm grip on supply.

Negotiations over the details of the supply hike are still underway, delegates said, asking not to be named because the information is private. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December, they said.