OPEC Is Said to Agree on Oil-Cuts Extension to End of 2018

OPEC agreed to extend its oil-production cuts to the end of next year as the job of rebalancing the market is not yet done, according to delegates at a ministerial meeting in Vienna.

 Talks have now moved on to the mechanism that will be used to review the agreement in mid-2018, the delegates said, asking not to be identified as the closed-door discussion isn’t yet over. Ministers also need to get Russia, their largest non-OPEC ally, on board at a meeting with other partner countries later on Thursday.

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