OPEC, Allies to Extend Oil Cuts for Nine Months to End Glut
- Group prepared to do whatever is necessary, Al-Falih says
- Oil futures slump as ministers wind up meeting in Vienna
OPEC Said to Extend Oil Production Cuts for Nine Months
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OPEC and its allies extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery.
The producer group together with Russia and other non-members agreed to prolong their accord through March, but no new non-OPEC countries will be joining the pact and there was no option set out to continue curbs further into 2018. The market was unimpressed as prices tumbled more than 5 percent to under $49 a barrel in New York and more than a billion barrels were traded.