The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia originally pledged to cut output by almost 1.8 million barrels per day (bpd) only during the first half of the year.
"OPEC...effectively said the production cut will be extended, meeting the reality of the restart of a big Libyan oil field and the continued expansion of U.S.
shale oil output to grow by 100,000 bpd each month for the rest of this year and into 2018, well above estimates by the U.S.
Reuters is the news and media division of Thomson Reuters.
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.