Thursday, 30 November 2017

Oil production cuts extended until the end of next year



Members of the OPEC oil cartel and other nations, including Russia, have agreed to extend production cuts aimed at propping up prices until the end of next year.
 
OPEC, the Organisation of the Petroleum Exporting Countries - led by Saudi Arabia - had sought a new agreement as a worldwide glut continues to put downward pressure on oil costs.
 
 
The countries - all Brent crude producers - entered a deal a year ago to cut output by 1.8 million barrels a day until March 2018.


That action - coupled with slower-than-expected growth in the production of cheaper US shale oil and higher demand in an improving world economy - has contributed to Brent rising from $50 a barrel then to just over $63 currently.





SKY       News.