Saudi Arabia, Russia seek 3-month extension of oil output deal: report

Top oil producers Saudi Arabia and Russia have discussed extending the ongoing output deal between OPEC and non-members for another three months until June next year, Wall Street Journal reported on Monday, citing sources familiar with the matter.

OPEC and non-OPEC members agreed in December last year to cut oil production by a combined 1.8 million barrels per day for six months, starting Jan. 1, 2017.

The move was part of efforts to tackle the glut in the oil market and boost prices, which have halved since 2014. The output agreement was extended in May this year to run until March 31, 2018.

Venezuelan oil minister Eulogio del Pino is set to visit both Russia and Saudi Arabia to discuss compliance to the deal and the possibility of its extension, ahead of a planned meeting on Sep. 22 in Vienna, WSJ said.