Asia opens flat after OPEC extends output cut

Asian Market 1

Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.

The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at rebalancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.

The Nikkei 225 edged lower by 0.06 percent while the Kospi added 0.07 percent in early Friday trade. The Kospi is trading at an all-time high and in its sixth consecutive session of gains.

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