Oil production slashed for another nine months as prices continue to tumble

The price of oil has continued to fall

The price of oil has continued to fall despite the Opec oil-producing nations agreeing to extend production cuts for a further nine months.
Russia and other non-Opec members have also agreed to slash production for another nine months.
However, despite the cut, Brent crude slid 3.8 per cent to $51.92 amid expectations the extension would have been much longer and the looming threat of shale gas expansion in America.
Opec countries and 11 other oil-producing nations had first agreed to reduce production in December in an effort to boost flailing prices. 
The cut, of 1.8 million barrels per day, was the equivalent of about 2 per cent global oil production.

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