Opec signals oil supply cuts will be extended until end of 2018
Russia also agrees to the extension; the group will review the deal at its next scheduled meeting in June
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
Kuwait
OPEC'S largest producers signalled they would extend their oil production cuts until the end of next year to finish the job of rebalancing an oversupplied market.
Saudi Arabia, Iraq and and Iran - the group's top three by crude output - all said they wanted another nine months of supply reductions beyond the end-March expiry of their current deal, in which 10 non-members including Russia also participated. Even after an extension, the group would review the deal at its next scheduled meeting in June, said Saudi Minister of Energy and Industry Khalid Al-Falih.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
