Oil countries extend production cuts

Members of OPEC and several other oil producing countries reached agreement to extend reductions on oil production. However, there are indications that the market expected more from the extension.

Photo: ritzau/Hasan Jamali/AP

OPEC members and several other oil producing countries reached a deal Thursday to extend production cuts agreed upon last November. This means that production up to and including the first quarter of 2018 has lowered by 1.8 million barrels daily.

Friday morning, the price for US WTI oil was back to under USD 50 per barrel with a decline of nearly five percent to USD 48.88, while a barrel of Brent was traded at USD 51.47 per barrel, which amounts to a one percent increase.

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