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.
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 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.
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.
As the diplomatic row between tiny Qatar and some of its bigger neighbors intensifies, it may slow down a region already suffering under low oil prices and political instability.
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