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KUWAIT / Reuters
A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement. An earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extensionâ€.
But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to “review the oil market conditions and revert … in April, 2017 regarding the extension of the voluntary production adjustmentsâ€. Oil sector analysts said the lack of an immediate extension could drag on crude prices.
The Organization of the Petroleum Exporting Countries and rival oil-producing nations were meeting in Kuwait to review progress with their global pact to cut supplies.