Oil Producers Consider Output Cut Extension as Support Grows
- Compliance committee met in Kuwait to assess output cuts
- Crude inventories seen still too high for markets to stabilize
OPEC, Allies Voice Support to Extend Oil Cuts
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Oil producers pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles.
Six OPEC members and Oman backed an extension, with Kuwait saying it should be for six months. The ministers met this weekend in Kuwait City and asked the Organization of Petroleum Exporting Countries to make a recommendation in a month on the possibility of prolonging the supply curbs.