The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United ...
The global oil production deal clinched at the weekend will help to establish a price floor and help to save millions of jobs in the United States, senior Russian officials said on Monday.
The planned supply cuts represent a complete reversal by Russia and Saudi Arabia, which had both threatened to ramp up output in a battle for market share after the previous deal between the Organization of the Petroleum Exporting Countries and other producers fell apart in early March. Kremlin spokesman Dmitry Peskov on Monday described the deal as important and that it would help to keep oil prices from collapsing.
The resulting economic impact could be as much as 1.2 percentage points from Russia's gross domestic product, said Kirill Tremasov, head of investment research at Loko-Invest.
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