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Tuesday, August 16, 2022

OPEC, non-OPEC committee recommends extending output cut by six months

KUWAIT (Reuters) – A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed.

OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies.

The Organization of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day in the first half of the year.

The committee “expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 percent conformity,” said the draft seen by Reuters.

(Reporting by Rania El Gamal, Vladimir Soldatkin, Ahmed Hagagy; Editing by Dale Hudson)

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