OPEC, allies extend production cut through 2018
December 1, 2017
VIENNA (AP) — The OPEC cartel and a group of allied oil-producing nations agreed Thursday to extend crude output cuts until the end of next year, continuing a policy that led to a significant rise in the price of oil over the past year.
At the same time, the 24-nation alliance led by OPEC member Saudi Arabia and Russia gave notice that it stands ready to revisit the move if price increases bring U.S. shale operators — who suspended operations while crude was cheap — rushing back into the market.
"We are going to be agile, depending on how events unfold," Saudi Arabian oil minister Kha...