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.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Qatar’s economic development ‘impressive’: German minister
China’s Geely targets Russian market with new Belarus plant
Bank loans to private sector jump 20.83% in Pakistan
China home price growth picks up pace in October
Diageo sues Vijay Mallya over $40mn payment
Mannai Corp to avail of Commercial Bank’s online trade portal
Asian EMs have ‘most promising’ long-term growth prospects: QNB
QFC unit is 1st Qatar entity to get certification from ILO
Commercial Bank embarks on digital transformation, unveils top global solutions