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OPEC and non-OPEC members reached a deal at the recent meeting in Vienna to extend oil output cuts until end of next year that will keep 1.8 million bpd from the market until the end of 2018.

A nine-month extension of the current deal was broadly expected despite Russia raising concerns ahead of the meeting of the prospect of maintaining he cut till the end of 2018.

OPEC said in its declaration of cooperation: “In view of the uncertainties associated mainly with supply and, to some extent, demand growth it is intended that in June 2018, the opportunity of further adjustment actions will be considered based on prevailing market conditions and the progress achieved towards re-balancing of the oil market at that time

In a move to meet Russia’s concerns it was agreed that at the next ordinary OPEC meeting in June will assess how the new deal is impacting oil prices and global crude oil stockpiles.

“In view of the uncertainties associated mainly with supply and, to some extent, demand growth it is intended that in June 2018, the opportunity of further adjustment actions will be considered based on prevailing market conditions and the progress achieved towards re-balancing of the oil market at that time,” OPEC said in a statement.

In addition, it was agreed that Libya and Nigeria would not lift production beyond their respective 2017 levels next year.

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