|Nelson P. Martinez People's Minister of Petroleum from Venezuela speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, May 25, 2017. (AP Photo/Ronald Zak)|
VIENNA (AP) — The Latest on OPEC's talks on extending its production cut agreement (all times local):
OPEC and other oil-producing nations have extended their output cuts for an additional nine months in an effort to shore up prices.
The decision, made Thursday at a high-level meeting of OPEC and non-OPEC ministers, means that the reductions of 1.8 million barrels a day agreed on in November will stay in place until March.
But any uptick in prices may be modest and temporary.
The alliance between OPEC and non-OPEC countries faces competition from U.S. shale producers. Many have returned to the market since crude prices have risen from last year's lows to over $50 a barrel, and more are set to resume operations if crude prices go even higher.
That could increase supplies and push down prices.