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Putin and King Salman last year in Moscow. Photo: Mikhail Svetlov/Getty Images

Saudi Arabia’s oil minister suggested Sunday that OPEC and non-OPEC producers including Russia should extend cooperation beyond the end of 2018, when their production-cutting deal is slated to expire, according to reports from Oman in Reuters, the Wall Street Journal and elsewhere.

Why it matters: The comments signal that while the deal that took effect in early 2017 has helped to bolster prices that collapsed in 2014 amid a global supply glut, OPEC’s dominant producer believes more collaboration is needed as the cartel and Russia grapple with surging U.S. output, which analysts see surpassing 10 million barrels per day this year.

Quoted: Saudi energy minister Khalid al-Falih, speaking in Oman, said an extension would not necessarily mean simply extending the deal that curbed two-dozen countries joint output by 1.8 million barrels per day, Reuters reports.

  • “This doesn’t necessarily mean sticking barrel by barrel to the same limits or cuts, or production targets country by country that we signed up to in 2016, but assuring stakeholders, investors, consumers and the global community that this is something that is here to stay. And we are going to work together,” he said, according to the news service.

He spoke at a meeting of the Joint Ministerial Monitoring Committee overseeing the deal.

Big picture: Oil prices are currently around their highest level in three years. The International Energy Agency’s said in its latest monthly snapshot last week that “the market is clearly tightening,” and that oil stockpiles in OECD countries declined for the fifth consecutive month in December.

Go deeper

1 hour ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drugs Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.

GOP congressman forfeits committee seats after indictment

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) on Wednesday stepped down from his committee assignments after being indicted for lying to federal investigators amid a probe into illegal campaign donations.

What they're saying: In a letter to House Speaker Nancy Pelosi, Fortenberry said he is "grateful for the outpouring of support from my friends and colleagues as we work against the injustice confronting me."

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The 2014 shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.