EnergyWatch

Oil producers consider output cut extension as support grows

OPEC members weigh an extension of their output reduction deal as member states say more time is needed to reduce the stockpiles. Ministers from oil countries have asked OPEC to make a recommendation a month from now on the possibility of prolonging the cuts.

Photo: /ritzau/Nabil al-Jurani/Arkiv

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 OPEC 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 the Organization of Petroleum Exporting Countries to make a recommendation in a month on the possibility of prolonging the supply curbs.

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