OPEC, Fighting Market Forces, Extends Production Cuts

Khalid A. al-Falih, the Saudi energy minister, talked to journalists before an OPEC meeting in Vienna on Thursday.
VIENNA — A sense of déjà vu pervaded the latest meeting of oil exporting countries. While production cuts have again bolstered oil prices, the optimism may fade, as shale producers in the United States jump back into the market and the rise of renewables dims prospects for demand.
The Organization of the Petroleum Exporting Countries extended oil production cuts through March 2018, after a meeting in Vienna on Thursday. The move follows a decision this month by Saudi Arabia and Russia to do so.
The earlier announcement helped lift prices from a low of $46. But on Thursday, prices slipped nearly 4 percent, to around $53.