AFP, Moscow :
The world’s biggest oil producers Russia and Saudi Arabia on Monday called for extending an output reduction deal ahead of an OPEC meeting later this month.
“To underscore the determination of oil producers to ensure market stability, predictability and sustainable development-the joint actions of the participating producers should be extended by 9 months, through March 31, 2018,” the countries said in a joint statement published Monday by Russia’s energy ministry.
The statement added that Russian energy minister Alexander Novak and his Saudi counterpart Khalid Al-Falih, who met in Beijing on Monday, had “agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5-year average level.”
The world’s biggest oil producers Russia and Saudi Arabia on Monday called for extending an output reduction deal ahead of an OPEC meeting later this month.
“To underscore the determination of oil producers to ensure market stability, predictability and sustainable development-the joint actions of the participating producers should be extended by 9 months, through March 31, 2018,” the countries said in a joint statement published Monday by Russia’s energy ministry.
The statement added that Russian energy minister Alexander Novak and his Saudi counterpart Khalid Al-Falih, who met in Beijing on Monday, had “agreed to do whatever it takes to achieve the desired goal of stabilizing the market and reducing commercial oil inventories to their 5-year average level.”
