The Organisation of Petroleum Exporting Countries, OPEC, has agreed on Thursday, to extend cuts in oil output by nine months to March 2018. Reuters reports, this decision was reached at the ongoing conference in Vienna, Austria. Here is what we know so far about the cuts;
- Non-OPEC member nations, led by Russia, are once again going to join in the cuts. Non-OPEC producers meet OPEC later on Thursday.
- OPEC is debating whether to include Nigeria in its pact to restrict oil production
- Saudi Energy Minister Khalid al-Falih had on Thursday earlier said there was no plan to impose caps on Nigerian or Libyan production.
- OPEC hopes that extending the output cuts will help sustain an above $50 oil price helping member countries cushion the effect of a dip in prices which triggered lower fiscal revenues.
