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OPEC, non-OPEC committee recommends oil cuts at same level - source
May 24, 2017 / 1:01 PM / 6 months ago

OPEC, non-OPEC committee recommends oil cuts at same level - source

VIENNA (Reuters) - A ministerial committee consisting of some key OPEC and non-OPEC members recommended on Wednesday keeping oil output cuts at the same level when oil producers meet the following day, an OPEC source said.

OPEC member Kuwait said earlier it could not rule out a scenario under which OPEC and non-OPEC would deepen the cuts.

But the source said a ministerial monitoring committee comprising OPEC members Algeria, Kuwait, Venezuela, the current OPEC president Saudi Arabia and non-OPEC producers Russia and Oman made a recommendation to keep the cuts “at the same level”.

The committee also recommended extending the cuts by nine months to March 2018.

Reporting by Rania El Gamal; Editing by Dale Hudson

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