Decision on extension of global oil output cut deal postponed to May

in BreakingNews @en by

Most participants of the meeting of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers, which took place in Kuwait City on Sunday, supported the extension of an agreement on oil output cut by six months but the final decision will be taken in May and will depend on the situation on the market. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) includes ministers of three OPEC member states – Venezuela, Kuwait and Algeria – and two countries that not part of the cartel, namely Russia and Oman.

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