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.
In an attempt to keep the price of oil above $50 a barrel, OPEC has extended the production cut for another nine months. The decision came at a meeting between officials of oil exporting countries in Vienna.
OPEC ministers will assemble in Vienna this week to discuss an extension to oil production cuts to stabilize the price. Saudi Arabia and Russia have already signaled their commitment, but some doubt its effectiveness.
After logging their biggest one-day drop in more than a month on Wednesday, oil prices have stabilized on the news that Saudi Arabia and Kuwait signaled that a deal to extend oil production curbs was in the pipeline.
Oil prices have rocketed after a group of non-OPEC countries agreed to huge cuts in crude oil production. The move also saw the stocks of major energy firms rising sharply during trading on stock exchanges in Asia.
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