OPEC, allies agree to deepen oil output cuts

Russian Energy Minister Alexander Novak has said OPEC plus countries will discuss the allocation of quotas on the reduction of oil production during a ministerial meeting in Vienna.

Talking to reporters the Minister declined to comment on possible scenarios.

OPEC plus has been reducing oil production since 2017 to



counter oversupply on the global market caused by a recent boom in oil output in the United States.

The current version of the OPEC plus oil output cut deal, which will be in force until March 2020, expects parties to reduce overall oil output by 1.2 million barrels per day compared to October 2018 levels.