Opec may extend production cut by 6 months
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