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    OPEC, Non-OPEC States Consider One Scheme for Oil Cut Deal Extension - Minister

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    There is only one scenario on the table on how long the Vienna oil output cut agreement inked by OPEC and non-OPEC oil-producing countries should be extended, Algerian Energy Minister Noureddine Boutarfa told Sputnik on Wednesday.

    VIENNA (Sputnik) — The ministerial meeting of OPEC and major non-OPEC oil-producing countries on May 25 will discuss only one option to extend the agreement to reduce oil production — for nine months, Boutarfa stated.

    "No, only one — nine months. We recommended only one," Boutarfa said when asked whether six-, nine- and twelve-months extension scenarios would be discussed.

    The minister added that he expected the nine-months scenario to be adopted.

    In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states signed an agreement in Vienna on limiting oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day with Russia cutting the output by 300,000 barrels per day for six months from January 2017.

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    oil, deal, reductions, OPEC, Algeria
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