OPEC prolongs oil output cut agreement for six months

AL KUWAIT, Mar 27 (PRIME) – A joint OPEC/Non-OPEC Ministerial Monitoring Committee responsible for monitoring compliance with a global agreement to reduce oil output convened in Kuwait City for its second meeting to suggest that the agreement should be prolonged for another six months, OPEC said in a release on March 26.

The organization stated that the member countries fulfilled the agreement by 94% in February, a rise from January’s 86%.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.

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