Algeria, Venezuela agree to back extension of OPEC output deal

ALGIERS: Algeria and Venezuela agreed to back an extension of the deal between OPEC and non-OPEC oil producers on output cuts, the Algerian energy ministry said on Wednesday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

An OPEC and non-OPEC technical committee has already recommended producers extend the deal for another six months from June, a source familiar with the matter said on Friday.