Page 82 - bne IntelliNews Russia Country report May 2017

market and to remove the surplus (from stocks)," Novak told reporters. Saudi Arabia and Russia, the world's top two oil producers, agreed on May 15 on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. Initially, it had been planned that the deal to cut almost 1.8 million barrels per day in production and agreed on Dec. 10, will be effective in the first half of this year with possibility of rollover toll the end of 2017.
82 RUSSIA Country Report May 2017 www.intellinews.com