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OPEC Extends Cuts for Nine Months

Maintaining curbs through March will 'do the trick,' says Saudi oil minister.

By Grant Smith, Angelina Rascouet and Wael Mahdi, Bloomberg | Updated on May 25, 2017

OPEC 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.

Members of the organization agreed to prolong their accord through March, said two delegates familiar with the decision, asking not to be identified before an official announcement is made. Ministers are scheduled to discuss the extension with non-member producers later on Thursday.

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