Two major oil producers agree to reduce production until 2018

A lot has been discussing the extension of the agreement of the Organization of petroleum exporting countries (Opec) in order to try to boost oil prices worldwide, with the offer of "black gold".

Who just decide in favour of the reduction of oil production for longer were the two largest producers of the commodity: Russia and Saudi Arabia. Both countries issued a statement in a meeting that took place this week in Beijing, at which agreed to extend the production cuts until March 2018.

As already reported by Offshore Panorama, the next meeting of Opec, which will define the extension of the agreement is scheduled to take place on May 25. However, expectations that production will continue cutting is too large, especially with regard to unstable prices that oil has shown in recent months.

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