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Apr 20, 2017 | 11:11 GMT

OPEC: Kuwait, Saudi Arabia Signal Likely Extension Of Supply Cuts

Saudi Arabia and Kuwait on April 20 signaled that OPEC plans to extend into the second half of 2017 the group’s deal with non-OPEC oil producers curbing oil supplies, Reuters reported. Consensus is growing among producer states that the agreement on supply uts should be extended, though no agreement yet exists, Saudi Energy Minister Khalid al-Falih said on the sidelines of a conference in the United Arab Emirates. His Kuwaiti counterpart, Essam al-Marzouq, said he expected the agreement to be extended. Compliance from non-OPEC members has increased, al-Marzouq said, adding that Russia is preliminarily consenting to a likely extension. However, cuts may not be as deep under the extension if global demand for oil increases in the latter half of the year as expected, al-Marzouq said. The Kuwaiti minister said an African country has expressed interest in joining the deal, without naming it. Omani Oil and Gas Minister Mohammad bin Hamad al-Rumhy largely echoed his counterparts, saying a high number of producers favor the extension. Saudi Arabia, in particular, has strong incentives to push OPEC to extend the production cuts.
 
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