OPEC, Russia hold steady on cuts as oil market improves: report

The Organization of the Petroleum Exporting Countries (OPEC) and Russia said they are halfway towards clearing the global oil market glut, and asked fellow producers to hold steady, Bloomberg reported.

After OPEC and non-members met in Vienna on Friday, the ministers agreed they will not take any additional action.

“OPEC members aim for around $60 per barrel, and we are not far off from that price. If we reach March and find that we need to do more, I think we will,” Nigerian Oil Minister Emmanuel Ibe was quoted as saying.

Both Kuwait’s oil minister Issam Almarzooq and his Russian counterpart Alexander Novak said that it is premature to talk about extending the agreement, while Algeria’s energy minister Mustapha Guitouni said that the issue could be discussed in Vienna.