Opec: 'extraordinary' steps needed for market stability in 2018

New Delhi

OIL producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, Opec Secretary-General Mohammad Barkindo said.

Saudi Arabia and Russia are currently leading consultations between the Organization of Petroleum Exporting Countries and other major suppliers about the future of their agreement to cut oil output, Mr Barkindo said on Sunday in New Delhi. The pact expires in March, and oil producers are debating whether to extend it later into the year.