OPEC extends oil production cut

The oil cartel OPEC has agreed to extend production cuts into 2018 in an effort to end a global glut.

Ministers meeting in Vienna, together with Russia, prolonged the supply curbs for another nine months.

Crude stockpiles are shrinking, but the surplus built up over the last three years is not expected to clear until at least the end of 2017, possibly further.

OPEC and Russia’s grip on the global market has been challenged by the rapid rise of the US shale industry, which is not 
included in the latest output deal.