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OPEC, Non-OPEC Extend Oil Output Cut by Nine Months to Fight Glut

  • According to reports, OPEC and non-OPEC members agreed to extend cuts by the same 1.8 million bpd. The exact split between OPEC and non-members will likely be different after Equatorial Guinea joined the organization on Thursday, reducing the number of participating non-OPEC nations to 10.  

    OPEC produces a third of the world's oil. Its production reduction of 1.2 million bpd was made based on October 2016 output of around 31 million bpd, excluding Nigeria and Libya.