Politics

'New Year's gift': Saudi pledge gives oil companies something to smile about

Kingdom's promise of additional production catapults oil prices higher; analysts see it as move to blunt the oil-demand effects from more Covid-19 lockdowns

Let's make a deal: Saudi Minister of Energy Abdulaziz bin Salman (right) and his Russian counterpart Alexander Novak struck a deal with other Opec+ members this week that fuelled an oil price rise
Let's make a deal: Saudi Minister of Energy Abdulaziz bin Salman (right) and his Russian counterpart Alexander Novak struck a deal with other Opec+ members this week that fuelled an oil price risePhoto: AFP/SCANPIX
  • Nishant Ugal
New Delhi
Saudi ArabiaOpecRussiaKazakhstanUnited Arab Emirates
Published 6 January 2021, 14:38Updated 6 January 2021, 16:05