>> OPEC extending cuts to oil production for another nine months as the group, including power players Saudi Arabia and Iraq battled a global glut that has resulted in sliding crude prices and revenues plummeting in recent years. The cuts announced at a meeting in Vienna Thursday are likely to again include a dozen non-OPEC members led by top oil producer Russia, which first reduced output and tandem with OPEC in December 2016.
But the move falling short of expectations, sending oil prices down nearly 5% at one point on Thursday. Reuters correspondent Ernie Scheyder is at the meeting in Vienna.>> Now oil traders so far aren't quite happy with the deal. Some are telling us that they expected, maybe at least a year.
They wanted to see that as a way to further get rid of this oil supply glut. What is clear is that OPEC is trying to put forward a united front. Today, the group welcomed it's 14th member, Equatorial Guinea. And the Saudi Oil Minister said, as he presented them an OPEC fag that OPEC is strong and growing.
>> OPEC's measures which have pushed oil back above $50 a barrel this year are meant to help member countries like Venezuela, which relies heavily on energy revenues and has been struggling to get it's economy back on track. The price rise this year has also spurred growth in the US shale industry which is not participating in the production cuts.