Saudi Arabia and Russia are seeking to extend a deal to cut crude oil production between members and non-members of the OPEC oil cartel for another three months, the Wall Street Journal reported Monday. The proposal was reportedly discussed during a meeting of Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak at a July meeting in St. Petersburg amid concerns that global prices remain too low because of an increase in US shale oil production. Such an extension would leave the current agreement in place through the end of June.
Saudis, Russia push for oil-cut extension
Saudi Arabia and Russia are seeking to extend a deal to cut crude oil production between members and non-members of the OPEC oil cartel for another three months, the Wall Street Journal reported Monday. The proposal was reportedly discussed during a meeting of Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak at a July meeting in St. Petersburg amid concerns that global prices remain too low because of an increase in US shale oil production. Such an extension would leave the current agreement in place through the end of June.
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