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Oil Producing cartel OPEC agreed on Thursday to extend oil output cuts with Non-OPEC nations including Russia until the end of 2018 as had been widely expected by oil markets. The current deal of cutting supply by about 1.8 million barrels per day (bpd) expires in March.

OPEC Conference Ellen WaldImage: OPEC Non-OPEC Press Confernce courtesy Ellen Wald (Forbes)

Reuters reported that OPEC also decided to cap the output of Nigeria at around 1.8 million bpd but had yet to agree a cap for Libya. Both countries have been previously exempt from cuts due to unrest and lower-than-normal production.

The Organization of the Petroleum Exporting Countries has yet to meet with non-OPEC producers led by Russia, with the meeting scheduled to begin after 1500 GMT. Russia has been concerned about The U.S. taking advantage of any spike in oil prices and/or lull in production.

UPDATED: OPEC meeting concluded. OPEC non OPEC deal extended through 2018. Unanimous decicion.The Iraqi, Iranian and Angolan oil ministers also said a review of the deal was possible in June in case the market became too tight.

Read Ellen Wald's Take From The Conference: Despite Production Cut Decision, Oil Prices Remain Steady After OPEC Meeting

From The Traders Community News Desk

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