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2017-12-04 23:10:00

SAUDI ARABIA - RUSSIA COMPROMISE

SAUDI ARABIA - RUSSIA COMPROMISE

REUTERS - Ministers from OPEC and their allies have agreed to extend their production pact all the way to the end of 2018 but with a review in June that will take into account market conditions and progress toward rebalancing.

The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce an extension throughout 2018) and non-OPEC heavyweight Russia (which wanted to avoid giving such a long commitment).

The decision was in line…

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Tags: SAUDI, ARABIA, RUSSIA, OIL, PRODUCTION, PRICE
Chronicle:
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