OPEC approves extension of deal on cutting oil production for 9 more months
Almaty. July 2. KazTAG - The 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 told reporters on Monday, reports TASS.
"Yes," Al Mazroui said in a response to a question on whether the OPEC+ deal was extended for nine more 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 Tuesday, 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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