OPEC approves extension of deal on cutting oil output for 9 more months

OPEC approves extension of deal on cutting oil output for 9 more months

OPEC session has ended, and its member states agreed on extending the deal on cutting oil output for nine months starting from July, the Minister of Energy and Industry of the United Arab Emirates Suhail Al Mazroui said.

"Yes," Al Mazroui said in a response to a question on whether the OPEC+ deal was extended for nine more months, RIA Novosti reported

Earlier, Russian Energy Minister Alexander Novak said that all OPEC+ states approved prolongation of the deal for nine months.

OPEC member countries discussed the issue of cutting oil production at the session on July 1. Before the meeting, the ministerial monitoring committee recommended to extend the deal for nine more months, until March 2020. On July 2, non-OPEC countries participating in the deal will make their decision.

In the first half of 2019, OPEC+ countries cut production by 1.95 mln barrels per day, while the plan stood at 1.2 mln barrels per day. The deal expired on June 30.

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