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Friday, 21 April 2017 - 14:00
Saudi Arabia, Kuwait signal likely extension of oil output cut
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Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal yesterday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.

Saudi Energy Minister Khalid al-Falih said Consensus is growing among oil producers that a supply restraint pact that started in January should be prolonged after its initial six-month term

Kuwait's oil minister Essam al-Marzouq said he expected the agreement to be extended.

The Organization of the Petroleum Exporting Countries and non-OPEC meet on May 25th to discuss extending the curbs that total 1.8 million barrels daily, two-thirds of that from OPEC.

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