OPEC, non-OPEC committee recommends extending cut

OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies

OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies.
OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies.

A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting this week showed according to Reuters.

OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies.

The Organisation of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8mn barrels per day in the first half of the year.

The committee "expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100% conformity," said the draft seen by Reuters.

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