Posted On 09 May 2017
The Organization of the Petroleum Exporting Countries (OPEC), including countries outside the community, plans to extend a global cut of crude oil supplies for nine months or more to avoid falling prices due to an increase in production in the first quarter of 2018 when demand is expected to be weak.
The OPEC, Russia and other producers agreed last year to cut production by 1.8 million barrels per day (bpd) for six months from January 1st.
Oil prices have been supported, but inventories remain high, pushing oil back below $ 50 a barrel. This pressured the OPEC to extend pumping cuts for the rest of 2017.