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| Opec extends oil production cuts | Opec extends oil production cuts |
| (35 minutes later) | |
| Oil-producing nations belonging to Opec have agreed to extend production cuts for a further nine months, reports say. | |
| Energy ministers have been meeting in Vienna to discuss extending the cut, which was due to expire next month. | Energy ministers have been meeting in Vienna to discuss extending the cut, which was due to expire next month. |
| Brent crude dipped before regaining some ground to $53.77 a barrel following reports of the extension until March 2018. | |
| Non-Opec members are also meeting to decide whether they will agree to more production cuts. | Non-Opec members are also meeting to decide whether they will agree to more production cuts. |
| Kuwaiti oil minister Essam al-Marzouq has reportedly confirmed Opec's agreement to extend the output curbs. | Kuwaiti oil minister Essam al-Marzouq has reportedly confirmed Opec's agreement to extend the output curbs. |
| Opec countries and 11 other oil-producing nations, including Russia, first agreed to reduce production last December in an effort to boost flagging prices. | |
| The reduction was almost 1.8 million barrels per day - equivalent to about 2% of global oil production. | |
| However, as reports emerged that Opec would keep the reduction in place for longer, the oil price fell because it seemed markets had wanted to the producers to go further. | |
| Spreadex analyst Connor Campbell said: "Investors were disappointed that the notoriously inharmonious group failed to bring the cap under the current 1.8 million barrel a day limit." | |
| Opec sources have said the meeting will highlight a need for long-term cooperation with non-Opec producers. | |
| "Russia has an upcoming election and Saudis have the Aramco share listing next year, so they will indeed do whatever it takes to support oil prices," said Gary Ross, head of global oil at PIRA Energy, part of S&P Global Platts. |