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OPEC, non-OPEC states to discuss extending oil output cut deal - Russian energy minister

On December 10, 2016, OPEC and 11 non-OPEC countries signed an agreement on joint reduction of oil output, agreeing to cut their combined output in the first half of 2017 by 1.8 billion barrels a day

MOSCOW, May 13./TASS/. OPEC and 11 oil-producing countries that are not members of the oil cartel, will discuss extending a deal to cut oil output by at least half-a-year at a meeting in Vienna on May 24-25, Russian Energy Minister Alexander Novak told reporters on Saturday.

"I think we will most likely be discussing at least half-a-year and maybe a longer period," he said.

On December 10, 2016, OPEC and 11 non-OPEC countries signed an agreement on joint reduction of oil output, agreeing to cut their combined output in the first half of 2017 by 1.8 billion barrels a day. Azerbaijan, Bahrein, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, the Republic of Sudan and South Sudan are the non-OPEC countries agreeing to cut their oil output to boost prices.