Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say.
Cuts in oil production by Russia and Saudi Arabia are not having a major impact on global oil prices, which remain stalled out.announced extended cuts in their production in an effort to raise oil prices, but the cost of crude oil instead dropped 1% on Monday, according to the Agence France-Presse.
Nevertheless, Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that his country's partnership with Russia remains strong in a press conference earlier this week. "Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter," Abdulaziz said of the oil cuts.
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud, center, arrives for an OPEC meeting. The minister worked with Russia to extend cuts in oil production. "It is quite telling seeing us on Monday coming out with not only our extension ... but also with validation from the Russian side," he added.
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