OPEC extends output cuts and Libya is included

The Organization of Petroleum Exporting Countries. (Internet)

After two dozen crude-producing nations agreed to limit their output through the end of 2018, oil prices rose high on Friday, heading toward 2½-year highs.

International Brent crude scale surged 1.8%, to $63.74, not far off last month’s high of $64.65 that marked the best intraday level since June 2015.

The oil market was eyeing Saudi Oil Minister and current OPEC President Khalid Al-Falih’s efforts in securing a deal among the 24 producers who met in Vienna on Thursday.

According to Helima Croft, global head of commodity strategy at RBC Capital Markets, OPEC secured output limits promises from Nigeria and Libya, the two members that were exempt from the deal, yet speculations over Russia’s commitment to a full nine-month extension is shadowing the success of the deal .

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