Russia, Saudi agree to extend oil output cuts

Oil prices have risen as Moscow and Riyadh have called for the extension of an oil production cuts deal.

Crude prices rose by one-point-five percent after Russian energy minister Alexander Novak and his Saudi counterpart Khalid al-Falih said the output cuts need to be extended until 2018. Last year, the Organization of the Petroleum Exporting Countries, OPEC, and other producers including Russia pledged to cut production by around one-point-eight million barrels per day during the first half of 2017. Last year’s measure was aimed at stabilizing the oil market.