OPEC and Russia Hold Steady on Cuts as Oil Market Improves
- Talks in Vienna end without recommendation on cuts extension
- Oil prices have risen, but concerns remain about 2018 outlook
Russia's Novak: OPEC Agreement Could End Gradually
This article is for subscribers only.
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, the international benchmark, climbed to a six-month high. Still, predictions of strong growth in U.S. shale production next year mean there are still concerns that the scheduled expiry of the agreement at the end of March could be premature.