Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching one million barrels a day is on the way to global markets.“We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters on Saturday, while sitting alongside his Russian counterpart Alexander Novak at the Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna.

The chandeliered halls of Vienna’s Hofburg palace will be the venue for the meeting between leaders of the Organization of the Petroleum Exporting Countries (OPEC) as they decide on output policy amid calls by the major oil consuming economies of the United States (US), China and India to increase crude oil production and cool down oil prices.

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman will discuss how to boost oil production while maintaining their petro-alliance when they meet in Moscow to watch the soccer World Cup’s opening match between the two countries.The world’s largest oil exporters are negotiating how to rework their unprecedented, and successful, deal to control oil production as United States (US) sanctions on Iran and the collapse of the Venezuelan petroleum industry threaten to send c

Oil held gains near the highest close in more than two weeks after government data showed crude stockpiles in the world’s largest economy slid more than forecast to a two-year low.Front-month futures were little changed in New York after prices climbed 1.6 percent over the previous two days. Government data Wednesday showed US inventories fell 6.5 million barrels last week – more than double the average estimate in a Bloomberg survey – to the lowest level since 2015.

Oil retreated the most in more than two weeks amid worries that OPEC’s deal to extend production cutbacks may take US shale activity to a whole new level.Futures closed 1.5 percent lower in New York. OPEC and partners including Russia last week agreed to keep cutting output through the end of next year.

Oil dropped below 58 dollars a barrel as investors weighed an increase in US oil drilling rigs against OPEC’s promise to extend output cuts through the end of next year.Futures fell as much as 0.9 percent in New York after adding 1.7 percent Friday. OPEC and its allies including Russia last week agreed to keep their supply cuts in place and beefed up the extension with the inclusion of Nigeria and Libya. Executives from three of the biggest independent U.S.

OPEC and its allies outside the group agreed to maintain oil production cuts until the end of 2018, extending their campaign to wrest back control of the global market from America’s shale industry.After a day of talks in Vienna, the decision showed the strength of the unprecedented alliance between the world’s top two oil producers, Saudi Arabia and Russia, and confounded Wall Street analysts who’d predicted Moscow would be reluctant to keep going.

Oil explorers took advantage of a market rally to lock in prices for almost 1 million barrels a day’s worth of future output, signaling the shale boom’s staying power as OPEC ponders the extension of its supply curbs.New hedging contracts in the third quarter covered 897,000 barrels a day of annualized production, a 147 percent increase over the second quarter, according to an analysis of 33 companies released Tuesday by industry researcher Wood MacKenzie Ltd.

Brent crude surged to its highest in more than two years as Turkey threatened to shut down Kurdish oil shipments through its territory.Futures climbed 3.8 percent in London, and the US benchmark rose to the highest since April. Turkey can choose to “close the valves” on oil exports from Kurdistan, Turkish President Recep Tayyip Erdogan said as the Iraqi region holds an independence referendum.