OPEC Close to Agreement to Extend Oil-Supply Cuts for 9 Months
- Most nations back Saudi-Russia proposal before May 25 meeting
- Other proposals will be discussed including even longer curbs
Can OPEC Still Control the Price of Oil?
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OPEC and its allies were close to an agreement to extend their oil-production cuts for another nine months as they seek to prop up prices and revive their economies.
While ministers gathering in Vienna still planned to discuss other options -- a shorter deal for six months or curbs lasting for the whole of next year -- consensus was building around an agreement that runs through March 2018.