Singapore — Oil prices jumped on Monday after the energy ministers of top producers Saudi Arabia and Russia jointly said that an Opec-led crude production cut would be extended from the middle of 2017 until March 2018. Brent crude was at $51.66 a barrel at 4.10am GMT, up 82c, or 1.6%, from its last close. US West Texas Intermediate (WTI) crude was at $48.67 a barrel, up 82c, or 1.7%. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander said on Monday in Beijing that a joint deal to cut crude supply to prop up prices would be extended from the middle of this year until end-March 2018. "The two ministers agreed to do whatever it takes to achieve the desired goal of stabilising the market and reducing commercial oil inventories to their five-year average level, as well as to underscore the determination of oil producers to ensure market stability," the statement said. Oil cartel Opec, of which Saudi Arabia is the de facto leader, and other producers led by Russia...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.