UPDATE: Oman: Ministers recommend oil cut deal extension for 9 mos

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VIENNA, Nov 30 (PRIME) -- The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) has recommended extending the oil production cut agreement for nine months, Oman’s Oil and Gas Minister Mohammed bin Hamad Al Rumhi told reporters on Thursday.

“The recommendations that we propose – it is by the end of the year (2018),” he said.

Participants of the agreement may set oil production quotas for Libya and Nigeria at 1 million barrels and 1.8 million barrels a day, respectively, he added.

Saudi Arabian Energy Minister Khalid al-Falih said the country prefers to extend the agreement until the end of 2018.

“I personally prefer to extend for nine months,” he said.

OPEC and non-OPEC states do not need to increase the volume of oil production reduction, al-Falih also said.

Energy Minister of the United Arab Emirates Suhail Al Mazroui said he expected that new participants will join the oil production cut agreement.

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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