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RFE/RL: Russia, Saudi Arabia ‘quietly’ agree to lift oil production

Published Oct. 4, 2018 at 11:37 am

Saudi Energy Minister Khaled al-Faleh (L) and Russian Energy Minister Alexander Novak (C) attend a meeting of OPEC and non-OPEC members to assess compliance with production cuts and to discuss potential long-term cooperation, in Jeddah on April 20, 2018.Saudi Arabia hopes to bring Russia into the fold of an expanded club of global oil giants to sustain a stable market, leaving OPEC's role in question, analysts say. / AFP PHOTO / Amer HILABI

Photo by AFP

Russia and Saudi Arabia have struck a deal to raise oil output from September through December to cool rising prices, the Reuters news agency reports.

Sources familiar with the plan were quoted as saying on October 3 that the Russian and Saudi energy ministers reached the agreement during a series of meetings last month.