Oil prices have surged on May 15 after Saudi Arabia and Russia agreed to extend crude oil output cuts until March 2018. This is part their latest effort to rebalance the global crude market, oil ministers for the two countries said on May 15.
Business Insider: Oil prices jump as Russia and Saudi Arabia agree to extend oil output cuts
A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates, on May 10, 2016.
