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OPEC and Russia set to extend production deal

Russian Prime Minister Dmitry Medvedev, left, greets Mohammad Sanusi Barkindo, OPEC secretary general, back in May, 2017. Photo: Alexander Zemlianichenko / AP

Barring last-second hiccups, reports from the OPEC meeting in Vienna signal that OPEC and Russia will agree to extend the production-limiting agreement by nine months through the end of 2018.

Why it matters: The cooperation between Saudi Arabia and Russia curbing the global supply glut is in part a signal of how the U.S. supply surge has forced a new era in oil geopolitics.