Oil cuts may be extended until June 2018

The global pact of oil cuts can be extended until June 2018. At least that's what want the Saudis and Russians. At a meeting held in St. Petersburg, the energy ministers of the two countries considered the extension of the reduction for another three months next year. The agreement had already been extended by OPEC members until March 2018, however, due to the reservations and American shale production, the cartel's efforts to reduce the supply of the commodity has not achieved the objectives. A new meeting is scheduled for the day September 22.

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