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Opec, Russia hold steady on cuts as oil market improves

Nine months into the agreement between Opec and allies including Russia to cut production, there are both positive and negatives signs

The Organization of Petroleum Exporting Countries (Opec) and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job, while stopping short of additional action to reassure a jittery market.   The producers, who together pump more than half the world’s oil, have reasons to hold a steady course. At a meeting in Vienna on Friday, ministers hailed the accelerating market recovery as Brent crude climbed to a six-month high. Still, predictions of strong growth in US shale production next year mean there are ...

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First Published: Sun, September 24 2017. 22:27 IST