Oil prices are rising again after the oil ministers of Saudi Arabia and Russia said at a briefing in Beijing that output cuts initiated in November should be extended until next March.
Russia's central bank has cut its key interest rate again as inflation hits a record low. The nation is struggling to pick up speed after a drawn-out recession, with a lack of structural reforms making recovery volatile.
The Russian energy minister has called for greater discipline among the main oil exporters in cutting output. The goal - raising crude prices - is dear to Kremlin hearts with elections up in 2018.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
The International Energy Agency (IEA) has said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters.
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