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Monday, 8 May 2017

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018 - Bloomberg

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018 - Bloomberg:

"Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes. In separate statements just hours apart on Monday, the world’s largest crude producers said publicly for the first time they would consider prolonging their output reductions for longer than the six-month extension widely expected to be agreed at the OPEC meeting on May 25. "We are discussing a number of scenarios and believe extension for a longer period will help speed up market rebalancing” Russian Energy Minister Alexander Novak said in a statement. The nation is ready to support extending the oil deal beyond 2017, the Energy Ministry said."



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