Oil cartel members agree deal with major producers such as Russia to continue cuts for further nine months to keep oil prices higher
The world’s major oil producers have extended production cuts through to the end of 2018, in a bid to tackle a global glut of crude and keep prices buoyant.
Members of Opec, the oil cartel, and other major producers including Russia agreed that the curbs, which started in January and have lifted a barrel of Brent crude from $40 to $50 last year to more than $60 now, will continue for a further nine-months.