OPEC committee backs cut extension until end-2018 with June review

Heinz-Peter Bader | Reuters

OPEC Secretary-General Mohammad Barkindo addresses a news conference in Vienna, Austria, November 7, 2017.

A joint OPEC and non-OPEC technical committee recommended extending global cuts in oil supply until the end of next year, with an option to review the deal in June, two sources with knowledge of the matter said on Tuesday.

The Organization of the Petroleum Exporting Countries, non-member Russia and nine other producers are cutting oil output by about 1.8 million barrels per day until March 2018. OPEC will discuss extending the deal at a Nov. 30 meeting in Vienna.