OPEC Agrees to Extend Oil Cuts Until the End of 2018 - Bloomberg

OPEC Agrees to Extend Oil Cuts Until the End of 2018 - Bloomberg:

"OPEC and its partners, including Russia, agreed to extend oil-production cuts to the end of 2018 and included Libya and Nigeria in the deal for the first time, according to delegates gathered in Vienna.

The cooperation of OPEC’s allies enables the deal to be finalized following a day of talks in the Austrian capital.

Libya and Nigeria, previously exempt from cutting production due to internal strife, agreed to a collective cap on their output that exceeds the nations’ current production, according to Iranian Oil Minister Bijan Namdar Zanganeh. That means their inclusion won’t immediately deepen the overall level of supply reduction."



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