Bullionguru’s ,”Saudi Arabia, Russia agree oil output cuts until March 2018″

 

Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 in a bid to erode a global crude glut, pushing up prices.

The timing of the announcement ahead of OPEC’s next official meeting on May 25 and the statement’s strong wording surprised markets, and the move will go a long way to ensure that other OPEC members and other producers who participated in the initial round of cuts fall into line.

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