MTECHTIPS;-Oil Prices Surge as Producers Agree to Manage Market

MTECHTIPS;-Oil Prices Surge as Producers Agree to Manage Market

MTECHTIPS-Oil prices surged Monday morning in Asia after Russia and Saudi Arabia agreed to extend a deal to manage the market into next year. Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammad bin Sal man, meeting on the sidelines of the G20 summit in Argentina over the weekend, agreed to continue an existing deal to manage supply. Russia and Saudi Arabia are two of the three largest producers of crude in the world, with the U.S. completing the trio. Crude Oil WTI Futures for January delivery rose 5.32% to $53.62 per barrel at 11:04 PM ET (03:04 GMT) on the New York Mercantile Exchange. while Brent Oil Future for February delivery rose 4.84% to $62.34 a barrel on London’s Intercontinental Exchange. The agreement between Russia and Saudi Arabia lead a group of oil producers known as OPEC+, which includes the members of the Organization of the Petroleum Exporting Countries (OPEC) and other large producers, most notably Russia. During their meeting at the G 20, Putin and bin Sal man  agreed to continue managing the market without committing to specific numbers. “There is no final decision on volumes, but together with Saudi Arabia we will do it… we agreed that we will monitor the market situation and react to it quickly,” Putin told reporters

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