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Kuwait says OPEC could hold extraordinary meeting in March on extension

Reuters  |  KUWAIT 

KUWAIT (Reuters) - Kuwait's Minister Essam al-Marzouq said on Wednesday that could hold an extraordinary meeting in mid-March if producers did not reach a decision to extend their supply cut pact when it next meets in November.

"In the coming November meeting, we may not reach a decision to extend... the agreement and we could hold an extraordinary meeting in mid-March for this matter," Marzouq said at a joint conference with his Venezuelan counterpart in Kuwait City.

and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until March 2018 in a bid to reduce global inventories and support prices.

An extension of at least three months is being discussed among producers before meets again in November.

Venezuelan Minister Eulogio Del Pino said that "all options are open" regarding the global cuts agreement.

"I have discussed with the Saudi and Kuwait ministers (ideas) other than extending the agreement and we are open on all the options," Del Pino said.

Saudi Arabian Energy Minister Khalid al-Falih and his Venezuelan and Kazakh counterparts have discussed a possible extension of the pact, the Saudi energy ministry said on Sunday.

Marzouq said that the joint OPEC, non-ministerial committee, known as the JMMC and headed by Kuwait, has not yet been asked to study whether to extend the pact or not.

The JMMC will meet on Sept. 22 in Vienna and will urge producers participating in the agreement for full compliance with it, Marzouq said.

Del Pino also said his country would price its crude sales in currencies other than the U.S. dollar, giving the Chinese yuan and Indian rupee as examples.

Several producing nations have repeatedly pledged to switch away from the for crude sales including Russia and Iran. Most attempts have been rebuffed by the global trading community which prefers to trade in dollars.

Del Pino will travel to Tehran on Wednesday to meet with his Iranian counterpart, he said.

(Reporting by Ahmed Hagagy; writing by Rania El Gamal; editing by Andrew Torchia and Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 13 2017. 14:57 IST
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