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OIl producers mull over extending output cut


economy

OIl producers mull over extending output cut

The price of oil fell closer to the $50 mark as OPEC and non-OPEC producers agreed to review if the global agreement to limit supplies should be extended by six months.

OPEC and 11 leading produces including Russia decided last December to cut the combined output by 1.8 million barrels per day in the first half of the year.

The subsequent price rises encouraged US shale oil producers to boost output as they are not part of the pact.

At a meeting in Kuwait the country’s oil minister said :“Any country has the freedom to say whether they do or they don’t support an extension. Unless we have conformity with everybody, we cannot go ahead with the extension of the deal.”

A decision is expected at the end of April.

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