- OPEC extended their cuts for another nine months, and put on a display of unity both amongst each other and with non-OPEC countries like Russia.
- However, because OPEC has routinely tried to talk up oil prices with hints of aggressive action, the deal was somewhat disappointing for the markets. Prices sold off on Thursday as there appeared to be nothing more than an extension.
- Rumors surfaced that the group was discussing a 12-month extension, or deeper supply cuts. But with just a nine-month extension, oil traders were left deflated.
- Getting Iraq on board with the initial OPEC agreement was key, and securing their commitment for a nine-month extension was also one of the biggest hurdles.