OPEC, the Organisation of the Petroleum Exporting Countries - led by Saudi Arabia - had sought a new agreement as a worldwide glut continues to put downward pressure on oil costs.
The countries - all Brent crude producers - entered a deal a year ago to cut output by 1.8 million barrels a day until March 2018.


That action - coupled with slower-than-expected growth in the production of cheaper US shale oil and higher demand in an improving world economy - has contributed to Brent rising from $50 a barrel then to just over $63 currently.





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