Report: OPEC to extend oil cuts for 9 months to end global glut

MOSCOW, May 25 (PRIME) -- OPEC members agreed to extend oil production cuts for nine more months after a 2016 agreement failed to eliminate the global oversupply or achieve a sustained price recovery, Bloomberg reported on Thursday.

OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries agreed to cut their combined output by 558,000 barrels, including Russia, which has agreed to slash production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with possible prolongation.

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