Russia, Algeria vow to push ahead with oil production cuts

Russian Prime Minister Dmitry Medvedev, left, listens to President of Algeria Abdelaziz Bouteflika, right, during their meeting in Algiers, Algeria, Tuesday, Oct. 10, 2017. (Dmitry Astakhov, Sputnik, Government Pool Photo via AP)

ALGIERS, Algeria (AP) — The prime ministers of Russia and Algeria want further global efforts to coordinate oil production cuts to push up prices.

During a visit to Algiers on Tuesday, Russian Prime Minister Dmitry Medvedev said the two countries reiterated their commitment to last year’s agreement among OPEC and other oil producers to curb output. He said they want to “pursue these efforts” and discuss future options with other oil-producing countries, notably better efforts to ensure signatories are complying.

Both the Russian and Algerian economy have struggled since oil prices fell in recent years.
Algerian Prime Minister Ahmed Ouyahia said “the vital interests of our two countries converge on the subject of hydrocarbons.”

Medvedev also oversaw the signing of a raft of economic agreements and discussed counterterrorism cooperation.