Austrian police officers guard the entrance of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger
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OPEC and nonmember oil producers moved closer Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 nonmembers agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017 .Two OPEC sources told Reuters a ministerial committee comprising OPEC members Algeria, Kuwait, Venezuela, current OPEC president Saudi Arabia and non-OPEC producers Russia and Oman recommended keeping the cuts "at the same level".The committee said in a statement it had recommended extending the cuts by nine months to March 2018 .OPEC has a self-imposed goal of bringing stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion.
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