Oil-producing nations belonging to OPEC have agreed to extend production cuts for a further nine months, reports say. Energy ministers have been meeting in Vienna to discuss extending the cut, which was due to expire next month.
Brent crude dipped before regaining some ground to fifty-three dollars, seventy-seven cents a barrel following reports of the extension until March 2018. Non-Opec members, led by Russia, have also agreed to another nine-month production cut.
Opec countries and eleven other oil-producing nations, including Russia, first agreed to reduce production last December in an effort to boost flagging prices.
The reduction was almost one-point-eight million barrels per day – equivalent to about two percent of global oil production.