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Thursday, 25 May 2017

Opec agrees to extend historic supply cuts into 2018

Opec agrees to extend historic supply cuts into 2018:

"Opec will extend its production cuts into 2018, as the oil cartel and its allies attempt to end a three year supply glut that has hammered crude prices. The cartel agreed to prolong supply curbs for another nine months during a ministerial meeting on Thursday in Vienna, two Opec delegates familiar with the discussions said. The agreement, which is expected to be ratified later today by Russia and other producers outside Opec, will see the 1.8m barrel a day accord first agreed in late November extended to March 2018."



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