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Oil producers consider extending output cuts

Half a dozen nations said more time is needed to drain swollen stockpiles

Wael Mahdi Elena Mazneva & Sam Wilkin  |  Kuwait 

Oil producers pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles. Five the Organisation of Petroleum Exporting Countries members and Oman backed an extension, with Kuwait saying it should be for six months. The ministers met this weekend in Kuwait City and asked Opec to make a recommendation in a month on the possibility of prolonging the supply curbs. “We are ready to support” extending the deal, which took effect in January, Venezuela’s Oil Minister Nelson Martinez said on Sunday. Fellow ...

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First Published: Mon, March 27 2017. 00:26 IST