Opec recommends 6-month extension of oil output cuts

Producers had agreed to cut production by 1.8 mn bpd for six months from Jan 1 to support market

An Opec and non-Opec technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices.

The Organization of the Petroleum Exporting Countries (Opec), Russia and other producers originally agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

Compliance numbers were also reviewed at the meeting in Vienna on Friday that comprised of officials from countries monitoring adherence to agreed output levels,