Saudi Arabia and Russia, the world’s top two oil producers, agreed on May 15 on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.
Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would “do whatever it takes” to reduce the inventory overhang, using a phrase coined by European Central Bank President Mario Draghi five years ago in his successful bid to defend the euro.
