As OPEC and non-OPEC members prepare to meet at the end of the month to discuss the possibility of extending the global pact to curb oil production, oil prices are trading at a more than two-year high. The recent rise in prices is the result of improved market fundamentals and the adherence of all producers to the production cut. This has allowed the market to respond very positively; half the surplus in inventories is gone and oil prices are trading at the highest in recent years. With the accord set to expire in at the end of March 2018, the meeting in Vienna on November 30 will determine whether producers choose to extend their measures to clear a global supply gut by reducing output throughout 2018.
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