Opec may ex­tend pro­duc­tion cut by 6 months

New Straits Times - - Business -

KUWAIT CITY: Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries (Opec) and other ma­jor oil pro­duc­ers are study­ing the pos­si­bil­ity of ex­tend­ing an out­put­cuts agree­ment beyond June, say­ing that global stock­piles are still too high for crude mar­kets to sta­bilise.

Opec was as­sess­ing whether to ex­tend the cuts for an­other six months, said Kuwait Oil Min­is­ter Is­sam Al­mar­zooq after a meet­ing, here, to re­view com­pli­ance with an ac­cord reached in De­cem­ber to counter a global glut.

Opec’s com­pli­ance rate was 106 per cent last month and nonOpec na­tions, in­clud­ing Rus­sia, have reached com­pli­ance of 64 per cent, said Al­mar­zooq yes­ter­day. The com­bined com­pli­ance rate of both was 94 per cent, he said. Bloomberg

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