CRUDE prices rose strongly yesterday after Saudi Arabia and Russia agreed to do “whatever it takes” to help rebalance the market as research showed the global industry remains very cautious. Brent crude rose $1.31 per barrel to $52.15/bbl in afternoon trading after Saudi oil minister Khalidh al-Falih and his Russian opposite number Alexander Novak said their countries would extend production cuts that started in January until March next year. Mr al-Falih said more needed to be done to reduce the global excess of stocks that has been weighing on prices. Energy consultancy Wood Mackenzie said a global survey of oil and gas firms found the industry remains very cautious and financial strength is more of a priority than growth. More than 75 per cent of firms expect oil to sell for $50/bbl to $60/bbl this year and for up to $80 in 2020. Brent crude sold for $115/bbl in June 2014 and around $27/bbl in January last year.
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