The Organization of Petroleum Exporting Countries (OPEC) and other major oil exporters, which are currently taking part in output reduction, have reached consensus to extend the limits of cuts until the end of 2017, Zawya reported, citing the Iraqi and Algerian Oil Ministers.
The oil ministers of the two countries held a press conference in Baghdad where Iraqi Oil Minister, Jabar Ali al-Luaibi, said “there might be new ideas to be presented” at an OPEC meeting on May 25, without providing further details, according to VOA News.
“All members of OPEC support an extension of the output cuts for a second six-month period,” al-Luaibi added.
Algeria’s Energy Minister, Noureddine Boutarfa, confirmed the country’s full support to the cuts extension.
According to a deal concluded in Vienna in December 2016, OPEC members are committed to cutting production by around 1.2mb/d, while non-OPEC producers voluntarily decided to reduce output by 600,000b/d, which took effect at the beginning of 2017.