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Energy

OPEC members agree to extend oil cuts by three months, Algeria says

FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

LONDON (Reuters) - OPEC members have reached a consensus on extending the existing oil cuts by the OPEC+ group that amount to 7.7 million barrel per day oil by three months from January, Algeria’s energy minister said on Monday.

Abdelmadjid Attar, whose country holds OPEC’s rotating presidency, said OPEC would work to convince other members in the OPEC+ alliance at their meeting on Tuesday to back that policy for an extension, Algeria’s state news agency APS reported.

Reporting by Ahmad Ghaddar; Editing by Edmund Blair

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