Stories

Ben Geman Nov 30
SaveSave story

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.