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OPEC Committee Recommends Nine-Month Oil Cuts Extension

  • Panel of six OPEC, non-OPEC nations supports longer curbs
  • Crude market is rebalancing in earnest, says PIRA’s Gary Ross
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BofA's Blanch Says OPEC Can No Longer Control Oil Prices

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OPEC and its allies came one step closer to agreeing to extend their oil supply deal after a ministerial committee recommended another nine months of cuts.

The Joint Ministerial Monitoring Committee -- composed of six OPEC and non-OPEC nations -- agreed in Vienna on Wednesday to support an extension through March 2018, according to a statement on the producer group’s website. That added to the backing for another nine months of cuts from the most influential participants in the deal, including Russia, Saudi Arabia and Iraq.