OPEC, allies extend production cut through 2018

VIENNA - 30 November 2017: The OPEC cartel and a group of allied oil-producing nations agreed Thursday to prolong crude output cuts until the end of next year, extending a policy that has led to a significant rise in the price of oil over the past year, the ABC News reported.

At the same time, the 24-nation alliance led by OPEC member Saudi Arabia and Russia gave notice that they stand ready to revisit the move, should price increases bring US shale operators — who had suspended operations while crude was cheap — back into the market in force.