The OPEC + countries have reached a consensus on the need to extend the Vienna deal on the reduction of oil production, which is valid until the end of March 2020, said Minister of Oil and Gas of Oman, Mohammed Al Rumhi.

According to him, they should extend the agreement as he do not think that anything will change in the market in the next nine months after March 2020, TASS reported.

The OPEC + deal to reduce oil production should be extended at least until the end of 2020, largely due to the possible impact on the market for the upcoming US presidential elections in November next year,  he noted.

OPEC + countries (24 oil exporting states) have been coordinating production management since 2017. At a meeting in July, they extended the agreement to reduce oil production by 1.2 million barrels per day to the level of October 2018, of which 812 thousand barrels per day fall to OPEC states. Now the deal is valid until the end of March 2020. The main reduction quotas fall on the largest parties to the agreement - Russia and Saudi Arabia (228 thousand and 322 thousand barrels per day, respectively).