OPEC and Russia Ready to Extend Oil-Supply Cuts Through 2018

Ministerial committee said to recommend nine-month extension
Oil producers will hold final meeting in Vienna on Thursday

Nigeria Petroleum Minister Emmanuel Kachikwu discusses the possibility of a 9-month extension for OPEC.Source: Bloomberg

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By Elena Mazneva, Laura Hurst, and Javier Blas

November 29, 2017 at 10:39 PM UTC

Updated on

November 30, 2017 at 9:07 AM UTC

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OPEC and Russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling and prices maintain recent gains.

All OPEC members and Russia, the biggest producer outside the group to join the deal, agree the cuts should last until the end of 2018, according to delegates in Vienna to attend Thursday’s meeting. On Wednesday, a committee charged with overseeing the agreement on behalf of the whole group also recommended extending until the end of next year, two delegates said.