OPEC, non-cartel nations may extend oil cut another 6 months
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KUWAIT CITY — OPEC members and non-cartel nations are leaving open the possibility of a six-month extension on a deal to reduce oil production, according to a statement Sunday by a committee of ministers from OPEC and other oil-producing nations.
The joint committee, which met in Kuwait, said that as of February, OPEC and participating non-OPEC countries achieved a conformity level of 94 per cent on a voluntary six-month cut in output. The statement said the figure “demonstrates the willingness of all participating countries to continue their co-operation.”
The committee said it “encouraged all participating countries to press on toward 100 per cent conformity.”
The Organization of the Petroleum Exporting Countries agreed in late November to cut its production by 1.2 million barrels a day, the first reduction agreed to by the cartel since 2008. Eleven other non-OPEC oil-producing countries pledged in December to cut an additional 558,000 barrels a day, reaching an overall reduction of 1.8 million barrels per day.
