OPEC extended oil production cuts for nine more months after last year's landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery.

Members of the organization agreed to prolong their accord through March, said two delegates familiar with the decision, asking not to be identified before an official announcement is made. Ministers are scheduled to discuss the extension with non-member producers later on Thursday.

Six months after forming an unprecedented coalition of 24 nations and delivering output reductions that exceeded expectations, resurgent production from U.S. shale fields has meant oil inventories remain well above targeted levels. While supplies are shrinking, ministers acknowledged that the surplus built up during three years of overproduction won't clear until at least the end of 2017.