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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. Oil-producing nations belonging to Opec have agreed to extend production cuts for a further nine months.
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. Brent crude is 1.6% lower at $52.35 a barrel following confirmation of the extension until March 2018, while US oil is down 3.2% at $49.73.
Non-Opec members, led by Russia, have also agreed to another nine-month production cut, according to reports. Non-Opec members, led by Russia, have also agreed to another nine-month production cut.
Kuwaiti oil minister Essam al-Marzouq has reportedly confirmed Opec's agreement to extend the output curbs. Saudi Arabia's energy minister, Khaled al-Falih, who co-chaired the meeting with his Russian counterpart Alexander Novak, said: "We considered various scenarios from six to nine to 12 months and we even considered options for higher cuts.
"All indications are solid that a nine-month extension is the optimum, and should bring us to within the five-year average of inventories by the end of the year."
Opec countries and 11 other oil-producing nations, including Russia, first agreed to reduce production last December in an effort to boost flagging prices.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.The reduction was almost 1.8 million barrels per day - equivalent to about 2% of global oil production.
Analysts criticised Opec's failure to make deeper cuts to production.
Chris Beauchamp at online trading firm IG, described Mr Falih's belief that greater reductions were not needed "quaint", while Alexandre Andlauer of equity research firm Alphavalue said Opec's strategy was "old-fashioned".
Neil Wilson at ETX Capital said Opec members "bottled it", adding: "A nine-month extension just isn't enough to really lift oil prices as we'll continue to see US shale fill the gap. Having said they'd do whatever it takes, Opec is looking a bit toothless now.Neil Wilson at ETX Capital said Opec members "bottled it", adding: "A nine-month extension just isn't enough to really lift oil prices as we'll continue to see US shale fill the gap. Having said they'd do whatever it takes, Opec is looking a bit toothless now.
"Faced with kind of glut and the scale of the market, the cartel would be better off cutting a lot deeper but for less time than trying to prolong fairly timid cuts.""Faced with kind of glut and the scale of the market, the cartel would be better off cutting a lot deeper but for less time than trying to prolong fairly timid cuts."
Opec sources have said the meeting will highlight a need for long-term cooperation with non-Opec producers.
Gary Ross, head of global oil at PIRA Energy, part of S&P Global Platts, said: "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."Gary Ross, head of global oil at PIRA Energy, part of S&P Global Platts, said: "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."