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Opec, allies set to agree to extend oil production cuts until end of 2018

Russia has expressed concerns that such an extension could prompt a spike in crude production in the US

Reuters  |  Vienna 

Opec and non-Opec oil producers look poised to agree at a meeting on Thursday to extend output cuts until the end of 2018, four Opec sources said as the group seeks to clear a global glut of crude and avoid another price crash. Some last-minute debate was still possible on the language of an expected statement, with non-OPEC Russia pushing for a clear message on how to exit the cuts so the market is prevented from overheating by flipping into a deficit too soon. The producers' current deal, under which they are cutting supply by about 1.8 million barrels per day (bpd) in an ...

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First Published: Fri, December 01 2017. 02:23 IST