Oil prices rise with OPEC extension of production cuts until the end of next year

Baghdad- Oil prices rose after OPEC and non-OPEC producers, led by Russia, agreed to extend the production cuts agreement until the end of 2018, while they also hinted at a possible exit from the agreement before that date if there is a sharp rise in the market.

Iran’s Energy Minister announced that Nigeria and Libya would be included in the deal to cut oil production, an OPEC statement said that the two countries’ production next year would not exceed 2017 levels.

The Iranian Oil Minister said that Nigeria had agreed to a ceiling for its oil production at the limit of 1.8 million barrels per day.

The agreement was due to expire by the end of March, but Saudi Energy Minister Khalid al-Faleh told reporters the production cuts would last for another nine months.

Global Brent crude futures ended the day at 46 cents, or 0.7 percent, at $ 63.57 a barrel.

US benchmark WTI futures closed up 10 cents, or 0.2 percent, at $ 57.40 a barrel.

Brent ended the month with gains of 3.5 percent, while US crude rose 5.5 percent.

 

Source: National Iraqi News Agency