OPEC Extends Oil Cuts for Nine Months to End Global Glut

Bloomberg ------ OPEC extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery. Members meeting in Vienna agreed to prolong their accord through March, Kuwait’s Oil Minister Issam Almarzooq said. Nigeria and Libya remain exempt from the making cuts and Iran, which was allowed to increase output under the original accord, retains the same output target, he said. Six months after forming an unprecedented coalition of 24 nations and delivering output reductions that exceeded expectations, resurgent production from U.S. shale fields has meant oil inventories remain well above target. While supplies are shrinking, ministers acknowledged that the surplus built up during three years of overproduction won’t clear until at least the end of 2017. To learn more click on the picture below to read the article.