Top OPEC ministers say longer cuts needed but duration undecided
Global oil stockpiles are shrinking and demand is rising, but OPEC and its allies have agreed that there is still major overcapacity on the market and production cuts must be extended.
BY DAN MURTAUGH, SHARON CHO, NATNICHA CHUWIRUCH, AND SUPUNNABUL SUWANNAKIJ, BLOOMBERG
While OPEC and its allies agree their output-cut deal needs to be prolonged as bloated inventories won't shrink to normal levels by March, they're yet to reach consensus on how long the pact must be extended, according to ministers from three of the top producers.
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