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REPORT: OPEC has agreed to extend production cuts for another 9 months

Nigeria oil minister

LONDON — OPEC has agreed to continue production cuts for a further nine months, according to reports late on Thursday morning.

Bloomberg reports that the cartel of major oil producers agreed to continue the cuts in a further effort to rebalance the oil market and address the global supply glut that has subdued prices, citing a delegate at OPEC’s meeting in Vienna who asked “not to be identified before an official announcement is made.”

The extension had been widely expected, after numerous major players said prior to Thursday’s meeting that they backed further cuts.

Earlier in May, for example, both Saudi Arabia read more >>>

Source:: BusinessInsider.Com