UPDATE: OPEC, non-OPEC agree to extend oil cuts for 9 months – report

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MOSCOW, May 25 (PRIME) -- OPEC and non-OPEC members have agreed to extend the oil production cut agreement for nine months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery, Bloomberg reported Thursday citing Iran’s Minister of Petroleum Bijan Namdar Zanganeh.

No new non-OPEC countries will be joining the pact, according a delegate familiar with the matter, who asked not to be identified because the information isn’t public.

Nigeria and Libya will remain exempt from making cuts and Iran, which was allowed to increase production under the original accord, retains the same output target, Kuwait’s Oil Minister Issam Almarzooq said after the meeting.

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.

The next ministerial meeting of OPEC and non-OPEC states is slated for November 30, according to Nigeria’s oil ministry.

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