MOSCOW, Feb 16 (PRIME) -- OPEC may prolong an oil production cut agreement with oil producing countries not included in the organization, Reuters reported Thursday citing sources.
OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels at a meeting on November 30, 2016. Russia joined the agreement on December 10 with a promise to cut output by 300,000 barrels daily. The agreement was concluded for six months with potential prolongation.
Sources said the oil producing countries should fulfill their oil production cut obligations by 100% and growth of demand should be stable in order that crude oil supplies fall to 300 million barrels and remain at the average level of last five years.
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