Austria: OPEC, Russia agree to extend oil production cuts through 2018

OPEC and non-OPEC countries led by Russia voted unanimously on Thursday in Vienna to extend oil production cuts until the end of 2018 and maintain higher prices. At the 173rd conference of the Organization of the Petroleum Exporting Countries (OPEC), Chairperson and Saudi Minister of Energy, Industry and Mineral Khalid al-Falih said OPEC and a Russian-led group of ten non-OPEC producers agreed... Еще to reduce output to 1.8 million barrels a day. After the decision was announced, the international price benchmark for Brent Crude jumped to $64 (€53.7) a barrel. During the meeting, Nigeria and Libya, who were excluded from the last round of production cuts because of political instability, promised not to increase production beyond 2017 levels. The Saudi minister also named his successor as UAE Minister of Energy Suhail Al Mazroui who takes over as OPEC Chair in the new year.

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