OPEC and its allies, including Russia, reportedly agreed to extend oil production cuts for a further nine months, on the second and final day of the 6th OPEC and non-OPEC Ministerial Meeting in Vienna on Tuesday.
Russian Minister of Energy Alexander Novak, Venezuela Petroleum Minister Quevedo Fernandez, OPEC Secretary General Mohammed Barkindo and Saudi Arabian Minister of Energy, Industry and... Еще Mineral Resources Khalid Al-Falih headed up the second day of the conference.
OPEC and its partners signalled they would extend the crude oil production cuts which expired over the weekend in their Monday meeting. The Joint Ministerial Monitoring Committee (JMMC) which includes several members from outside the bloc recommended a nine-month extension.
A nine month extension to the production cuts was reportedly agreed by OPEC on Monday, with Russia, and nine other OPEC partner countries, agreeing to join the cuts on Tuesday.