The Latest: OPEC, other nations extend output cut to March

By The Associated Press

OPEC and other oil-producing nations have extended their output cuts for an additional nine months in an effort to shore up prices.

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):

6:10 p.m.

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs