The world’s biggest oil producers have agreed to extend a deal to curb oil production throughout 2018 to shrink swollen stockpiles and keep prices above $60 a barrel.
Saudi Arabia and Russia, whose combined production makes up a fifth of global supplies, have together led an effort by 24 countries inside and outside the Opec cartel to curb global production by 1.8m barrels next year. The deal was set to expire in March if an extension had not been reached on Thursday.
The agreement means that Saudi Arabia and Russia, whose combined output totals more than 20m barrels a day, have stood by a deal sealed by Russian president Vladimir Putin and King Salman last year, and which has dominated crude markets for the past 18 months.
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