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The Latest: OPEC, other nations extend output cut to March

May 25, 20179:19 AM The Associated Press0 Comments

VIENNA – The Latest on OPEC’s talks on extending its production cut agreement (all times local):

6:10 p.m.

OPEC and other oil-producing nations have extended their output cuts for an additional nine months in an effort to shore up prices.

The decision, made Thursday at a high-level meeting of OPEC and non-OPEC ministers, means that the reductions of 1.8 million barrels a day agreed on in November will stay in place until March.

But any uptick in prices may be modest and temporary.

The alliance between OPEC and non-OPEC countries faces competition from U.S. shale producers. Many have returned to the market since crude prices have risen from last year’s lows to over $50 a barrel, and more are set to resume operations if crude prices go even higher.

That could increase supplies and push down prices.

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