An Opec and non-Opec technical committee recommended that producers extend a global deal to cut oil supplies for six months from its June expiry, a source familiar with the matter said, to clear a glut that has weighed on prices.
The Organization of the Petroleum Exporting Countries (Opec), Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.
"Based on market conditions, the committee recommends extension for six months," the source said.
The panel, which met at Opec's headquarters in Vienna on Friday, is the Joint Technical Committee (JTC) established in January as part of efforts to monitor adherence to supply cuts.
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