EnergyWatch

Russia and Saudi Arabia are pushing up the oil price

The Saudi willingness to limit oil production more than previously anticipated, coupled with Russian acquiescence to a reduction, has boosted the oil price.

Photo: /ritzaui/AP/Hasan Jamal

Commodity prices saw price rises on oil Monday morning, where OPEC's attempts to reduce production look set to succeed.

Over the weekend, Saudi Arabia has indicated a willingness to cut yet deeper into production than previously thought. Meanwhile, Russia has agreed to reduce production in order to strengthen the collective effort to reign in surplus production.

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