OPEC to extend oil production cuts for six months

Tensions between the US and Iran and attacks on tankers near the Strait of Hormuz have sent oil prices higher in recent days. Earlier in December OPEC members had reached an agreement to reduce oil production by 1.2 million barrels per day.

Vienna: Amid escalating tensions between the US and Iran, OPEC on Monday is considering a 6-9 month extension of its current deal to cut production, due to weaker demand and slowing global growth. Representatives of member countries met at OPEC headquarters in Vienna.

Nigerian Oil Minister Folasade Yemi-Esan said, "We believe that an extension of nine months is preferable to six months, as it offers greater certainty to the market, thereby reducing market volatility."

Tensions between the US and Iran and attacks on tankers near the Strait of Hormuz have sent oil prices higher in recent days.

Earlier in December OPEC members had reached an agreement to reduce oil production by 1.2 million barrels per day.