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OPEC and Russia agree to extend oil cut

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OPEC and Russia agree to extend oil cut

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OPEC and Russia have agreed to extend oil production cuts until the end of 2018.

The move extends an existing deal between the oil producers to curb supply by about 1.8 million barrels a day in an effort to boost prices.

Russia, which this year reduced production significantly with OPEC for the first time, has been pushing for a plan to exit the cuts so the market doesn't overheat, allowing rival US shale firms to boost output.

Additionally, OPEC members Nigeria and Libya agreed not to increase production above 2017 levels.

Both countries had been previously exempt from cuts due to unrest and lower-than-normal output