Organisation of the Petroleum Exporting Countries

The group of oil-producing countries agreed on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to "The Hill".

The Organisation of the Petroleum Exporting Countries (OPEC) has reached an agreement among its members on a reduction of oil output for the first time since 2008, reported Reuters, cited by Dnevnik daily.

The parameters of the agreement are similar to the ones outlined during informal talks in Algiers in September.

The Brent crude oil price fell below USD 35 a barrel for the first time since 2004 on Wednesday as global oil supply glut and the escalating tensions between major producers Saudi Arabia and Iran have dimmed prospects for cuts in output.

Saudi King Abdullah bin Abdulaziz has died at the age of about 90, international news outlets reported on Friday.

OPEC cannot protect world oil prices which have plunged since June, the United Arab Emirates said on Jan. 13, adding that rising North American shale oil output needed to be curbed.
      

Saudi Arabia, the largest producer in the OPEC oil cartel, cannot reduce its output, the kingdom's oil minister said on Thursday despite plunging prices.
      
Ali al-Nuaimi added that commodity price fluctuations are to be expected, and he expressed optimism for the future despite crude's price drop of about 50 percent since June.
      

Oil prices extended losses in Asia Tuesday after leading global producer Saudi Arabia slashed its export prices for the US market while hiking them for Asia.