"OPEC, Fighting Market Forces, Extends Production Cuts"

"VIENNA — A sense of déjà vu pervaded the latest meeting of oil exporting countries. While production cuts have again bolstered oil prices, the optimism may fade, as shale producers in the United States jump back into the market and the rise of renewables dims prospects for demand.

The Organization of the Petroleum Exporting Countries extended oil production cuts through March 2018, after a meeting in Vienna on Thursday. The move follows a decision this month by Saudi Arabia and Russia to do so.

The earlier announcement helped lift prices from a low of $46. But on Thursday, prices slipped nearly 4 percent, to around $53."

Stanley Reed reports for the New York Times May 25, 2017.

SEE ALSO:

"Will Russia Stick to Promise to Cut Output With OPEC? Skepticism Abounds" (New York Times)

"Oil Slips As More U.S. Drilling Outweighs OPEC-Led Cuts" (Reuters)