Opec and other oil-producing nations extend output cuts
Opec and other oil-producing nations have extended their output cuts for an additional nine months in an effort to shore up prices.
The decision, made at a high-level meeting of Opec and non-Opec ministers, means that the reductions of 1.8 million barrels a day agreed in November will stay in place until March.
However, any rise in prices may be modest and temporary.
The alliance between Opec and non-Opec countries faces competition from US shale producers.
Many have returned to the market since crude prices have risen from last year's lows to over 50 US dollars a barrel, and more are set to resume operations if crude prices go even higher.
This could increase supplies and push down prices.