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

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.