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 temporary closure of one of the biggest North Sea oil pipelines gives some much-needed hope to OPEC oil producers after months of stagnant prices. So far Brent crude oil prices have not budged much.
The 14 members of the cartel have decided to extend oil output cuts until the end of 2018 under efforts to curb a global glut of crude. OPEC also said it could exit the deal earlier if the market overheats.
Saudi King Salman is in Moscow with a delegation that includes domestic military and oil experts. It is the first-ever visit by a sitting Saudi monarch to Russia.
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.
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