OPEC will extend the limit on oil production

The Organisation of Petroleum Exporting Countries (OPEC) will extend the limit on oil production by nine months, meaning until the end of next year. The decision was also ratified by the group of countries outside the petroleum cartel, including Russia. OPEC also decided to restrict production in Nigeria and Libya, which had been excluded from the limit to date, because their petroleum sectors are recovering from the negative impacts of internal unrest. By limiting exports, the producing countries strive to seek a balance between supply and demand on the petroleum market and to support the commodity price. Efforts to support the price of oil are complicated by the USA, which have not joined the agreement. (ČTK)

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