OPEC and its allies looked all but certain to extend oil supply cuts by nine months, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy.
Saudi Arabia’s Energy Minister Khalid al-Falih reportedly said most OPEC members would like to see a nine-month deal extension.
A deal is now subject to approval from non-OPEC allies at a meeting on Tuesday, with Iraq’s oil minister saying he did not anticipate any complications.
