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Top OPEC Ministers Back Longer Cuts But Duration Undecided

  • “Mission is not accomplished”: Al-Falih on output deal aim
  • Producers discussing timing of potential extension: Kuwait
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Does OPEC Have Any Fight Left in It?

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OPEC and its allies agree they need to prolong their output-cut deal as bloated inventories won’t shrink to normal levels by March, but they’ve yet to reach a consensus on how long to extend the pact, according to ministers from three of the top producers.

Global stockpiles are declining and demand is increasing, but there’s still a significant inventory overhang in the market, Khalid Al-Falih, Saudi Arabia’s oil minister, said at the Asian Ministerial Energy Roundtable in Bangkok on Thursday. Issam Almarzooq, his Kuwaiti counterpart, said producers are discussing and finalizing a decision on the extension of output curbs by the Organization of Petroleum Exporting Countries and partners such as Russia.