VIENNA:
Opec agreed on Thursday to extend oil production cuts until the end of 2018, a
delegate said as the group strives to finish clearing a global glut of crude
and avoid another price crash.
The
agreement in principle was reached after several hours of debate at Opec
headquarters in Vienna. The delegate said Opec was still discussing whether to
cap the oil output of Libya, which had been exempted from production cuts due
to unrest.
The
14-member Organisation of the Petroleum Exporting Countries had yet to meet
non-Opec producers led by Russia later on Thursday to approve the extension of
joint production cuts.
Non-Opec
Russia, which this year reduced production significantly with Opec for the
first time, has been pushing for a clear message on how to exit the cuts so the
market doesn't flip into a deficit too soon.
With
oil prices rising above US$60, Russia has expressed concerns that such an
extension could prompt a spike in crude production in the United States, which
is not participating in the deal.
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