Global Oil & Gas: OPEC to Extend Oil Cuts for Nine Months to End Global Glut

opec oil freezehf_143517_article
OPEC beleives in Balanced Oil Markets

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.

Extending the deal will bring price stability, Nigerian Oil Minister Emmanuel Kachikwu said in a Bloomberg Television interview before Thursday’s meeting in Vienna, suggesting a “$50 floor” for oil if producers stick to their cuts, or even a “crawl back to $60” a barrel.

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