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Saudi-Emirati agreement to study extending the oil accord

Published: Updated:

Saudi Arabia's energy minister has agreed with his UAE counterpart on the possibility of considering extending the agreement to cut world oil supplies after March 2018.

The two ministers expressed satisfaction with the improvement of the fundamental factors of the oil market, which accelerated thanks to the agreement to reduce supplies, according to Reuters.

Oil prices rose on Monday after Saudi Arabia's oil minister discussed the possibility of extending the global agreement to cut oil supplies after March 2018 with his Venezuelan and Kazakh counterparts.

News of talks on Sunday helped offset the downward pressure on oil prices amid concerns that energy demand could be severely damaged by Hurricane Irma and its aftermath.

The cyclone cut off electricity from some 4 million homes and businesses in Florida on Sunday. It is expected to retreat into a tropical storm on northern Florida or southern Georgia later on Monday.

US crude for October delivery rose 41 cents, or 0.9 percent, to $ 47.89 a barrel after falling 3.3 percent on Friday.

Brent crude for November delivery rose 30 cents, or 0.6 percent, to $ 54.08 a barrel after falling 1.3 percent on the previous settlement.

The Saudi Energy Ministry said Minister Khalid al-Fateh had agreed with his Kazakh counterpart that the option to extend the re-balancing efforts to the market would be studied in due course.