Oil exporters agree to extend output curbs

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The fabulous’s leading oil exporting nations have agreed to extend production represses, aimed at boosting the oil price, by nine months.

The Organisation of Petroleum Exporting Countries (Opec) and non-members, led by Russia, agreed the produce limits would continue until the end of 2018.

The limits were first agreed a year ago, and resisted to push up the price of crude oil by about 30%.

The oil price fell slightly after the till deal, which had been expected.

Brent Crude was down 0.3% at $62.35 a barrel.

The oil exporting states have suffered in the face of a falling oil price brought about by broad oversupply.

The new deal means 1.8 million barrels a day will go on with to be cut from the market in an effort to reduce the oversupply and push up prices.

The 14-member Opec, whose biggest associate is Saudi Arabia, has often limited output to boost prices.

Anyhow, last December they were joined by 10 non-members others, embracing the biggest exporter outside the group, Russia.

That agreement had already been extended before until the end of March.

A major factor behind global oversupply of oil is become more pleasing to mature shale oil production in the US.

Russia has previously voiced concerns that on the output curbs could lead to more shale oil production.

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