Some Oil Exporting Countries Suggest Six-Month Supply Cut Extension

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A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers. Iraqi oil minister Jabar al-Luaibi said on Wednesday.

OPEC and non-OPEC producers led by Russia agreed in November to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signaling a possible early exit from the deal if the market overheats.

Luaibi did not say which countries have suggested a six- month extension of the agreement.