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OPEC, non-OPEC to look at extending oil-output cut by six months

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Staff Writer | March 27, 2017
Oil exploration
Oil exploration   Petroleum exporting countries

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement.

An earlier draft of the statement had said the committee "reports high level of conformity and recommends six-month extension".

But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to "review the oil market conditions and revert... in April, 2017 regarding the extension of the voluntary production adjustments".

The Organization of the Petroleum Exporting Countries and rival oil-producing nations were meeting in Kuwait to review progress with their global pact to cut supplies.

OPEC and 11 other leading producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year. The original deal was to last six months, with the possibility of a six-month extension.


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