Oil producers' panel wants output cuts to be extended

(From left) Russian Energy Minister Alexander Novak, Kuwait's Oil Minister Essam al-Marzouq and Opec secretary general Mohammad Sanusi Barkindo attend a meeting for the 2nd Joint Ministerial Monitoring Committee of Opec.
(From left) Russian Energy Minister Alexander Novak, Kuwait's Oil Minister Essam al-Marzouq and Opec secretary general Mohammad Sanusi Barkindo attend a meeting for the 2nd Joint Ministerial Monitoring Committee of Opec.PHOTO: AFP

KUWAIT • A joint committee of ministers from both Opec and non-Opec oil producers recommended extending by six months a global deal to reduce oil output, according to a draft press release from their meeting yesterday.

Opec and rival oil producers are meeting in Kuwait to review the progress made in their global pact to cut oil supplies.

The Organisation of Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day over the first half of this 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 per cent conformity", said the draft seen by Reuters.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 27, 2017, with the headline 'Oil producers' panel wants output cuts to be extended'. Print Edition | Subscribe