November 29, 2017 / 4:10 PM / a year ago

OPEC, non-OPEC ministers recommend 9-month oil cut extension

Russian Energy Minister Alexander Novak arrives for a meeting with OPEC oil ministers at OPEC's headquarters in Vienna, Austria, November 29, 2017. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - A ministerial committee of OPEC and non-OPEC producers including Russia and Saudi Arabia recommended on Wednesday that OPEC and non-OPEC allies extend oil production cuts by nine months at a meeting the following day.

“That’s one of the recommendations,” Kuwait’s Oil Minister Essam al-Marzouq told reporters when asked whether the committee had agreed on a nine-month extension.

An OPEC source also confirmed that the ministerial meeting agreed with the earlier proposal to extend production cuts until the end of 2018.

Reporting by OPEC team

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