11/30/17: The Organization of Petroleum Exporting Countries (“OPEC”) agreed today to extend their reduction of oil production by approximately 1.8 million barrels per day through the end of 2018.

According to Saudi Arabia’s Oil Minister, Khalid al-Falih, Libya and Nigeria, which were previously exempt from OPEC’s production cuts because of financial hardship, agreed to also reduce their production of crude oil. The agreement, which was put into effect during January of this year was initially scheduled to expire during March 2018.