Crude leaps after Russia and Saudis tell supply cut could be extended to March 2018

Crude leaps after Russia and Saudis tell supply cut could be extended to March 2018

On Monday, crude prices soared after the energy ministers of number one crude producers Saudi Arabia and Russia told that an OPEC-led crude output cut would be potentially extended from the middle of 2017 until March 2018.

Following the news, Brent crude futures reached $51.66 per barrel, growing 1.6% from its previous close.

American West Texas Intermediate crude futures hit $48.67 per barrel, soaring 1.7%.

On Monday, Saudi Energy Minister Khalid al-Falih as well as his Russian rival Alexander told in Beijing that a joint deal to reduce crude supplies to underpin prices would be extended from the middle of 2017 until end-March 2018.

Last year the Organization of the Petroleum Exporting Countries promised to reduce output by approximately 1.8 million barrels per day during the first half of 2017.

By the way, Russia along with Saudi Arabia control up to 20 million bpd in daily output, which is equivalent to a fifth of global crude consumption.

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