Offshore

Oil countries extend production cuts

Members of OPEC and several other oil producing countries reached an agreement to extend reductions on oil production. However there are indications that the market expected more from the extension.
Photo: /ritzaui/AP/Hasan Jamal
Photo: /ritzaui/AP/Hasan Jamal
BY MAZ PLECHINGER, ENERGYWATCH

OPEC members and several other oil producing countries reached a deal Thursday to extend production cuts agreed upon last November. This means that production up to and including the first quarter of 2018 has lowered by 1.8 million barrels daily.

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