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Oil prices dip 5% as Opec's production cuts fall short of expectations

The cuts haven't resulted in desired goals amid rising US shale production, weak global demand

Reuters  |  New York 

Oil prices fell nearly 5 per cent on Thursday as Opec's (Organisation of Petroleum Exporting Countries) decision to extend production curbs fell short of expectations of deeper or longer cuts. The Opec, along with other non-Opec members, agreed to extend a cut in oil supplies of 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 to reduce a glut of supply. However, in the days prior to the meeting, talk of a possible extension for 12 months, or deeper cuts than the current agreement, helped buoy prices on optimism of a faster drawdown in ...

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First Published: Thu, May 25 2017. 22:44 IST
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