Opec extends crude oil output cuts by nine months to fight glut

Opec extends crude oil output cuts by nine months to fight glut

Opec decided on Thursday to extend cuts in oil output by nine months to March 2018, Opec delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January. Read more

Credits:economictimes.indiatimes.com

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