Oman: OPEC ministers agree to prolong OPEC+ deal until end of 2018

VIENNA, Nov 30 (PRIME) -- Ministers of OPEC states have agreed to prolong the OPEC+ oil output reduction deal for nine months until the end of 2018, Oman’s Oil and Gas Minister Mohammed bin Hamad Al Rumhi told reporters on Thursday.

“OPEC – yes,” he said when asked whether OPEC states agreed to prolong the deal.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. 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 and was prolonged for nine more months in May.

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