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OPEC+ committee recommends oil production cut deal extension — minister

The OPEC+ committee has recommended prolonging the oil production capping agreement by 9 months until 2018 year-end

© Viktor Drachev/TASS

VIENNA, November 30. /TASS/. The OPEC+ ministerial committee recommended prolonging the oil production capping agreement by 9 months until 2018 year-end, Oil and Gas Minister of Oman Mohammed bin Hamad Al Rumhy told reporters on Thursday.

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"The recommendation actually we are suggesting is until end of the year," the minister said. Member-countries of the monitoring committee will hold regular meeting, Al Rumhy said. "Every time we meet we will look at the market situation, see what's happening. And we meet every 2 months. You know that the next time the meeting will be in Oman," he noted.

The current level of the OPEC+ agreement performance is good, the minister said. No problems are expected at the forthcoming OPEC and non-OPEC countries meeting, he added.

Ministers of OPEC+ member-states are to discuss extension of the oil production limiting agreement until 2018 year-end at the meeting on November 30 in Vienna.

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