OPEC, non-OPEC to Look at Extending Oil-Output Cut by 6 Months
A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement said the committee “reports high level of conformity and recommends six-month extension.” But the final statement said only that the committee had requested a technical group and the OPEC Secretariat “review the oil market conditions and revert … in April, 2017 regarding the extension of the voluntary production adjustments.” …