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Russia and Saudi Arabia agree deal to cut oil production

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Russia and Saudi Arabia have agreed to cut oil production at a meeting of OPEC, ending a month-long price war.

Oil prices jumped after it was reported that the two countries have agreed to a “deep cut” in crude production.

OPEC and other oil producers were set to debate on Thursday oil cuts as big as 20 million barrels per day, equivalent to about 20% of global supplies, one OPEC source and a Russian source told Reuters.

“That is a global deal,” the OPEC source said.

He did not specify if the United States would be involved – something Russia and OPEC producers have insisted on.

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