UPDATED 1:26 PM PT — Mon. Dec. 3, 2018
International oil prices are growing again after Russia and Saudi Arabia agreed to extend a deal to cut production.
Global crude prices rose by four-percent Monday. This is their largest gain since June after Vladimir Putin and Mohammed bin Salman agreed to “rebalance” the oil market.
According to a statement from the Kremlin, cuts to the Russian and Saudi output will remain intact into the next year.
Additionally, Russian officials said unspecified new measures will be implemented to boost the global oil prices.
This comes amid the greatly improved relations between Russia and Saudi Arabia.
“Yes, we have an agreement to extend our cooperation — there’s no final decision on the volume, but we will be doing this together with Saudi Arabia,” stated Putin. “Whatever the number that we might come up with under this mutual agreement, we decided to monitor the situation on the market and react to it quickly.”
Energy experts in the U.S. are urging for a quicker development of new oil pipelines in Texas and North Dakota to offset a possible spike in crude prices