OPEC, Non-OPEC Countries Agree to Extend Oil Output Cuts Till End of 2018

Published January 22nd, 2018 - 09:49 GMT
OPEC and non-OPEC countries agreed during a meeting in Muscat to extend the agreement to cut crude oil production until end of this year. (AFP/ File)
OPEC and non-OPEC countries agreed during a meeting in Muscat to extend the agreement to cut crude oil production until end of this year. (AFP/ File)

A ministerial committee comprising OPEC and non-OPEC countries agreed during a meeting in Muscat on Sunday to extend an agreement to cut crude oil production until end of this year.

The committee members said in a statement following their one-day meeting commitment to an agreement to cut oil output by 1.8 million barrels per day (bpd) during December 2017 was up to 129 percent.

They voiced satisfaction over the implementation of the agreement, which improved oil prices.

They said oil market reacted positively to the agreement, which contributed to better outcome for oil producers and consumers, as well as global economy.

The members said they would meet in Saudi Arabia next April to assess the agreement.

Committee chairman, Saudi oil minister Khaled Al-Faleh said oil prices began to recover due to the "unprecedented cooperation between OPEC and non-OPEC countries." He said the two sides were in agreement to continue production cuts beyond 2018, when the deal expired.

The committee includes OPEC's Saudi Arabia, the UAE, Kuwait, Algeria and Venezuela, as well as non-OPEC Oman and Russia.


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