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Oil Surges as Saudis Eye Deeper Cuts

Non-OPEC countries agree to trim output next year.

By Ben Sharples and Grant Smith, Bloomberg | Updated on December 12, 2016

Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.

Futures rose as much as 5.8% in New York and 6.6% in London. Saudi Energy Minister Khalid Al-Falih said Saturday the biggest crude exporter will “cut substantially to be below” the target agreed last month with members of OPEC. His comments followed a deal by 11 non-OPEC countries including Mexico to join forces with the group and trim output by 558,000 barrels a day next year, the first pact between the rivals in 15 years.

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