Environment & Energy | Monday 3 December, 2018 6:47 am |

Saudi Arabia’s energy minister said on Sunday that an agreement to cut oil output had helped stabilize the market, as Russian President Vladimir Putin signaled the deal will be extended.  

Khalid Al-Falih, on a visit Bogota, met with Maria Fernanda Suarez, Columbia’s minister of energy, where the two discussed ways to strengthen cooperation in the field of energy.

An agreement to cut oil production by some 1.8 million barrels per day — struck in late 2016 by OPEC and other world producers led by Russia — is paying dividends, Al-Falih tweeted. 

“I explained to (Suarez) the results of the OPEC+ agreement on the stability of oil markets, which serves the interests of producers, consumers and investors and supports the global economy,” he wrote.