In an effort to boost oil prices, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members, including Russia, reached an agreement on November 30 to extend output cuts through the end of 2018.

The world’s largest oil producer, OPEC kingpin Saudi Arabia had insisted to extend the oil production cuts.

At a news conference with Russian Energy Minister Alexander Novak, Saudi Energy Minister Khalid al-Falih said he would be “breathing down the necks” of the 24 countries who...

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