Moscow and Riyadh seek extension of oil output cut deal - media

Moscow and Riyadh seek extension of oil output cut deal - media

Moscow and Riyadh are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers for another three months, up to the end of June 2018, The Wall Street Journal reported citing its sources.

The issue was discussed by Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid al-Falih in St. Petersburg last month.

Both ministers have reportedly been lobbing the initiative during their conversations with representatives of other members of the oil output cut agreement since the July meeting.

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