OPEC And Non-OPEC Producers Agree To Oil Cut Extension – 30 November, 2017

As Opec and non- OPEC oil producing countries try to reduce the global glut of crude, a decision has been made to extend oil output cuts until March 2018, excluding Nigeria and Libya since production has been lower than normal. Russia has reduced production with OPEC significantly is trying to exit the cuts as to not flip the market into a deficit, needing lower oil prices to balance its budget. The plan for the producers is to cut oil production by 1.8 million barrels per day to boost oil prices.