Benchmark crude prices are now close to $60 a barrel, depending on the grades, up almost 20 percent since a year ago. "We uphold ... extending the oil production cut for nine months," Luiebi told reporters Wednesday, adding there was broad agreement among all OPEC ministers for the move. Such concerted action would be renewed evidence that OPEC is once again a major player in controlling the oil market. Most extreme was the 1973 OPEC oil embargo on Western consumers that led to widespread economic crises. But its role as a key regulator started fading in recent years, as U.S. shale producers started pumping up their output.

Source: ABC News November 29, 2017 09:33 UTC