NEWSWATCH: “Russia Says Key Goal Is to Bring Global Oil Stocks Down to Five-Year Average” – Reuters

Oil Well file photo

“The main goal of [a] proposed extension of [an] oil output cuts deal is to bring the global commercial oil inventories down to 5-year average and stabilise the market, Russian Energy Minister Alexander Novak said on Tuesday. … Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday 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. …”

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