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Saudi Arabia Will Cut Its Oil Production, Allowing Russia’s to Grow


OPEC, Russia and other oil major producers reached an unusual agreement on production quotas on Tuesday, with Saudi Arabia committing to reducing its oil production by one million barrels a day and Russia and Kazakhstan winning relatively modest production increases.The effect will be an overall reduction in oil production. The news pushed prices up more than 4 percent, reaching levels not seen since February. Brent crude rose past $53 a barrel, and West Texas Intermediate exceeded $50 as traders welcomed the Saudi willingness to give up some barrels in an effort to stabilize the market.The difficulty in reaching consensus at the …

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