OPEC and other oil producers taking part in output cuts have reached a consensus to extend the limits until the end of the year, oil ministers according to two of the group’s members, Bloomberg reports.
All members of the Organization of Petroleum Exporting Countries support an extension of the cuts for a second six-month period, as do non-member nations that joined last year’s accord to curtail a global oversupply of crude, Iraq’s Jabbar Al-Luaibi and Algeria’s Noureddine Boutarfa said Thursday in a joint news conference in Baghdad.
“The decision to decrease output will be for six months, and Algeria and Iraq maintain a united stand for the next cuts,” Boutarfa said. OPEC will decide formally whether to extend the cuts when its ministers meet in Vienna on May 25. The two biggest producers participating in the cuts, OPEC’s Saudi Arabia and non-member Russia, both signaled willingness on May 8 to extend the deal.