Alternative Fuels

OPEC production deal buoys oil prices

Markets have responded warmly to the agreement by OPEC and non-OPEC countries to extend the oil output cut for another nine months Markets have responded warmly to the agreement by OPEC and non-OPEC countries to extend the oil output cut for another nine months.
By Peter Stewart 6 December 2017 0 28681
Members of OPEC Delegates at the OPEC meeting in November. (OPEC)

OPEC and non-OPEC countries agreed at their latest meeting in Vienna on 30 November to extend their deal to cut oil production for nine months to the end of 2018, with Libya and Nigeria joining the agreement for the first time. 

The oil market responded favourably to the decision, which included a provision that parties to the deal can reassess the measure in June, when supply-demand fundamentals are expected to have further rebalanced. Importantly, the participants will be able to raise the issue of how the...