by Staff Writers
Vienna (AFP) Nov 30, 2017
Oil producer nations agreed Thursday to keep production curbs in place for another nine months until the end of 2018, Iraq's oil minister said after talks in Vienna.
The extension by 24 nations "is nine months" from March 31 until the end of 2018, Jabbar al-Luaibi told reporters after talks in Vienna.
The producers were expected to confirm the agreement at a news conference shortly.
The accord among the 14 members of the Organization of the Petroleum Exporting Countries and 10 others including Russia was first struck a year ago and was already extended once until March 31, 2018.
The aim is to reduce a global excess in supply that has pushed oil prices lower and left a huge hole in the finances of producer nations, despite making life easier for buyers of crude.
The situation has been helped by improved economic conditions, notably in energy-hungry China, that have boosting demand for crude.
Higher prices have been of little help to OPEC member Venezuela, however, teetering on the brink of a full-blown debt default.
Washington (UPI) Nov 30, 2017
Mechanical damage from construction of a section of the Keystone pipeline in 2008 in South Dakota likely resulted in the latest release, a federal report found. TransCanada closed down much of the 2,687-mile network in North America in mid-November after reporting a release of about 5,000 barrels of oil in rural South Dakota. The company said it recorded a drop in pressure early on the ... read more
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