OPEC members and partner countries have agreed to keep the global oil reduction pact for another nine months this year from 2018. The period of cuts agreed earlier ended in March, being extended now until November.
The limitation of oil extraction aims to contain excess oil in the market and thus raise the prices of the commodity. Since the agreement began, countries like Russia, which are not part of the group, also agreed to reduce production.
During the meeting I held last November, a Russian member showed concern about rising oil prices, which could instigate the United States, which does not participate in the agreement, to increase production.
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