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25/05/2017 - 16:45hs

Oil: cuts to last more nine months

OPEC members and other large producers decided to keep output cuts until March 2018.

Vienna – The Organization of the Petroleum Exporting Countries (OPEC) and other large producers of hydrocarbons, such as Russia, responsible together for more than half of the sector’s global production, decided this Thursday (25) in Vienna, Austria, to expand the production cuts that went into effect in the first half of the year for more nine months, until March 2018. The information is from news agency EFE.

Iran’s ministry of Petroleum, Bijan Namdar Zangeneh, told a group of reporters about the decision after a meeting between representatives from OPEC and from other important oil producing nations.

OPEC members and other large producers signed an agreement for oil production cuts at the end of last year to reduce global output in 1.8 million barrels per day in the first half of 2017, aiming to drive up the price of the commodity. Now the period of the cuts was just extended.

*Translated by Sérgio Kakitani

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