KUWAIT A joint committee of ministers from OPEC & non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, it said in a statement on Sunday.
OPEC & rival oil-producing countries were assembly in Kuwait to review progress with their global pact to cut supplies.
The Organization of the Petroleum Exporting Countries & 11 other main oil producers including Russia agreed in December to cut their combined output by nearly 1.8 million barrels per day in the first half of the year.
The oil ministerial committee “expressed its satisfaction with the progress made toward full conformity with the voluntary production adjustments & encouraged all participating countries to press on toward 100 percent conformity,” the statement said.
The December accord, aimed at supporting the oil market, has lifted crude LCOc1 to more than $50 a barrel. But the price gain has encouraged U.S. shale oil producers, which are not part of the pact, to boost output.
http://yaroreviews.info/?p=81
