Saudi Arabia and Russia agree oil output cuts until March 2018Staff Writer | May 15, 2017
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, Reuters reported.
Oil exploration Until March 2018
"There has been a marked reduction to the inventories, but we're not where we want to be in reaching the five-year average," said Falih at a briefing in Beijing alongside Novak, according to Reuters.
"We've come to conclusion that the agreement needs to be extended," Falih said.
The ministers expressed optimism they will secure support from producers beyond those in the current deal, the statement said.
The Organisation of Petroleum Exporting Countries is scheduled to meet on May 25 in Vienna, Austria. ■