Algerian minister: OPEC majority wants output cut deal extended by 9 mths

Business 19-05-2017 10:56
Algerian minister: OPEC majority wants output cut deal extended by 9 mths
Algerian Energy Minister Nouredine Bouterfa said on Thursday the majority of members of the Organization of the Petroleum Exporting Countries (OPEC) backs a proposed extension of a global oil output cut deal by nine months.
   
"The majority of the countries support the proposition of Russia and Saudi Arabia," the Algerian minister told
reporters  after meeting his Russian counterpart in Moscow.
   
He said Algeria was in favour of extending the agreement on output curbs for nine months until the end of March 2018, adding global compliance with the deal which expires at the end of June was at 95 percent.

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