(25.Mai) The Organisation of Petroleum Exporting Countries ( OPEC ) has agreed to further extend the agreement to cut global oil production by 1.2 million barrel per day till April, 2018.
However, Nigeria and Libya were once again exempted from the cut due to domestic challenges already limiting the countries from producing to maximum level.
The decision was taken on Thursday after a joint meeting with 13 OPEC and 11 Non-OPEC countries, who held a meeting for the second time in history to achieve stable and balanced global oil prices.