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.

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