OPEC to finalize long-term oil pact with allies by December: report

OPEC is expecting to finalize a long-term cooperation pact to help manage the global oil market with Russia and other key oil producer allies at their next meeting in December, S&P Global Platts reported, citing secretary-general Mohammed Barkindo.

"Consultations of the draft charter are ongoing, but the target is to sign the framework agreement in December," Barkindo said.

"Every country is submitting their input because it's a multilateral process until we get all their input, then we'll sit down and synthetize," he added.

OPEC's next regular meeting is on December 3, with non-OPEC partners scheduled to join the talks on December 4.

Separately, the secretary-general said that world oil consumption would hit 100 million barrels per day later this year, "much sooner" than earlier projected.

He added that the oil market has "responded positively" to the decision taken in June, which committed the producers to easing over-compliance with their output cuts.

Last year, the Organization of the Petroleum Exporting Countries and other producers led by Russia cut output by 1.8 million barrels per day to tighten the oil market and prop up prices that in 2016 fell to their lowest in more than a decade.