Opec mops up the oil glut

The members of Opec, the oil exporters’ cartel, agreed to “extend-and-maybe-amend” their output deal.

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Brent crude prices have risen to a two-year high, but expect a slip back
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At last week's meeting the members of Opec, the oil exporters' cartel, agreed to "extend-and-maybe-amend" their output deal, says Liam Denning on Bloomberg Gadfly. For the past two years Opec, along with Russia, has lowered production by 1.8 million barrels per day, around 2% of global supply. This arrangement, originally due to expire next March, has been extended to the end of 2018, although it will be reassessed in June.

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Andrew Van Sickle
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Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

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