Support The Moscow Times!

Oil Prices Rise as Russia and Saudi Pledge Continued Production Limits

Maxim Stulov / Vedomosti

Russia and Saudi Arabia have agreed to continue limiting oil production until the end of March 2018.

Oil prices jumped by 2.1 percent following the announcement on Monday morning, with Brent crude reaching $51.88 per barrel.

In a joint statement, Russian Energy Minister Alexander Novak and Saudi Energy Minister Khalid al-Falih said the move would ensure “the stability, predictability and the progressive development” of the oil market.

As well as reaffirming their confidence in the agreement, the pair told reporters that other countries involved in the deal were still committed to the cause. “I don’t see reasons for any country to quit,” he said. 

Twenty-four oil-producing countries signed a 6-month agreement limiting oil output in January 2016.

Russia and Saudi Arabia are the two largest oil producers in the group, generating 20 million barrels of crude oil — a fifth of the world's overall supply — every day. Norway, Canada and the United States all refused to take part in the deal.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more