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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose

Russia and Saudi Arabia to continue oil price pact despite Middle East crisis

Hamas Oil Russia Saudi Arabia Israel Kremlin Moscow
Saudi Arabia’s Khurais oilfield.
Saudi Arabia’s Khurais oilfield. Riyadh has said it supports efforts to stabilise oil markets. Photograph: Ali Jarekji/Reuters

Russia and Saudi Arabia look set to extend their pact to keep oil prices higher by withholding 1% of world demand from the market, Vladimir Putin has indicated.

The Russian president announced on Wednesday that the cuts to oil supplies imposed by Saudi Arabia and Russia would “most likely” continue despite market concerns that the conflict between Israel and Hamas could drive crude prices to $100 a barrel.

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