The 173rd OPEC Meeting concluded with the expected decision to extend the OPEC production cuts for an additional 9 months (January 2018 through December 2018) but during the 3rd OPEC and non-OPEC ministerial meeting, ministers added a provision to review the production cuts based on market fundamentals at the June 2018 OPEC meeting.

The extension was the outcome that Saudi oil minister Khalid al Falih wanted and the provision to review was clearly a concession to Russian oil minister Alexander Novak’s position.

Following news of the OPEC agreement, the price of both Brent and WTI rose, but as the non-OPEC component of the meeting began prices started to decline.

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