OPEC panel recommends extension of oil output cut: report

An OPEC and non-OPEC technical committee has recommended extending the global deal to cut output for another six months in the second half of this year, Reuters reported, citing an unnamed source close to the matter.

In December, the oil cartel agreed with Russia and other non-oil oil producers to trim crude output by 1.8 million barrels per day (bpd) for six months starting from January 1, 2017 to shore up market prices and reduce glut.

Compliance levels were reviewed at the meeting in Vienna on Friday after they had hit 98 percent in March, the source added.

The meeting also discussed OPEC's compliance, which it put at 103 percent, in line with figures published in OPEC's most recent monthly report.

Saudi Arabian energy minister Khalid Al Falih and Kuwaiti oil minister Essam Al-Marzouq on Thursday said they expected the global pact to cut oil supplies to be extended beyond June, backed by higher compliance from non-OPEC producers.

Meanwhile, Russian Energy Minister Alexander Novak said on Friday that no decision has been taken on extending the pact.

OPEC and non-member oil producers will meet on May 25 to discuss extending the curbs.