Oil price falls after OPEC extends production cuts

The price of oil fell by nearly 5% after OPEC nations agreed to extend their current deal yesterday to limit production by nine months. According to analysts, Brent crude oil plunged $2.60 (£2) to $51.36 (£40) a barrel this morning. The 14 member states, led by Saudi Arabia, were joined by 11 other exporter nations, […]

OPEC ‘extends production cuts into 2018’

The Organisation of Petroleum Exporting Countries (OPEC) has reportedly decided to extend production cuts by nine months into 2018. Members of the group have agreed to prolong the accord of cutting output by around 1.2 million barrels a day until March next year. A total of 11 non-members, including Russia, had also joined the deal […]

‘OPEC likely to extend production cuts’

OPEC is reportedly likely to agree to extend production cuts into the second half of 2017. Reports claim Saudi Arabia’s Energy Minister Khalid al-Falih hinted at behind-the-scenes negotiations among big oil producers ahead of next month’s meetings. He reportedly said consensus was growing for the output cuts that began in January be extended after their initial six-month […]

OPEC acheives 98.5% of production cuts

The Organisation of the Petroleum Exporting Countries (OPEC) has achieved 98.5% of its total production cuts, up from 91% in January. That’s according to a new survey from S&P Global Platts, which shows output in February fell to an average of 32.03 million barrels per day (b/d). As the OPEC members move closer to full compliance, Saudi Arabia continues to […]