The Organization of the Petroleum Exporting Countries (OPEC) excluded Libya and Nigeria from production cuts that is enforced on oil-producing countries next year. However, both were capped at the combined output of Nigeria and Libya at 2017 levels.
On Thursday,OPEC and non-OPEC oil producers, mainly Russia, had agreed to extend oil production cuts until the end of 2018, as reported by Reuters.
OPEC is seeking to reduce the availability of world supply of crude, noting that there is a possible exit from the agreement before that date if there is a sharp rise in prices.
OPEC had exempted Libya and Nigeria in last years meeting due to security unrest and falling production from normal levels.