OPEC+ likely to extend output cuts - Omani minister

EPA / STR

Oman's Oil Minister Mohammed bin Hamad al-Rumhy (pictured) said on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and other major producers are likely to agree to extend the output cut agreement but are not expected to increase the extent of the cuts.

"Extension probably, (deeper) cuts I think unlikely unless things happen in the next couple of weeks," the minister told reporters at an energy conference in Abu Dhabi.

Oman is not an OPEC member but has participated in the production cuts of up to 1.2 million barrels per day which the cartel and its allies have been implementing since January.

Baha Breaking News (BBN) / NP