OPEC+ members agree on extending oil cut as Russia holds out: Al-Falih

Almost all OPEC member including allies and the big producers have agreed on the need to extend the oil output cut deal except Russia who is yet to commit, Saudi Energy Minister Khalid Al-Falih told TASS in an interview.

“The oil market will need continued supply oversight to ensure stability,” Al-Falih said.

According to data compiled by Argaam, OPEC and other oil producers including Russia have agreed to cut output by 1.2 million barrels per day (bpd) from Jan. 1.

The pact ends this month and the group meets in coming weeks to decide their next move.