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Opec, non-Opec discuss extending supply cut by 9 months or more: Sources

Oil producers like Opec last year agreed to cut output by 1.8 mn barrels/day for 6 months from Jan 1

Reuters  |  Dubai/London 

Organisation of the Petroleum Exporting Countries (Opec) and non-member oil producers are considering extending a global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak, the Opec and industry sources said. The Opec, Russia and other producers agreed last year to curb production by 1.8 million barrels per day for six months from January 1. Oil prices have gained support but global inventories remain high, pulling crude back below $50 a barrel and putting pressure on the Opec to extend ...

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First Published: Mon, May 08 2017. 23:07 IST