mo4ch:>OPEC-Russia alliance to extend oil production cuts if necessary | Mo4ch News

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers will extend output cuts for another 6 months if recent measures to boost the market are not enough, UAE’s energy minister has said.While the plan to cut crude output by 1.2 million barrels per day (bpd), recently agreed by OPEC and world major oil suppliers led by Russia, has not been introduced so far, members are ready to extend the deal.Talk of a possible extension of the OPEC+ deal comes as the oil market suffered huge losses last week, with crude benchmarks – West Texas Intermediate (WTI) and Brent – falling to more-than-a-year lows amid oversupply fears. On Monday, Brent crude was trading at just above $54 per barrel, while US crude benchmark WTI slipped to about $45.50.Read more UAE Energy Minister Suhail al-Mazrouei, who also currently serves as the president of OPEC, believes that with the current surplus estimated at 26 million barrels, compared to 340 million barrels in 2017, market rebalan…