Oil Output Cut Extension Being Considered

Oil producers pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles.

Five 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.

“We are ready to support” extending the deal, which took effect in January, Venezuela’s Oil Minister Nelson Martinez said on Sunday. Fellow OPEC producers Iraq, Algeria and Angola have also backed an extension. “It does make sense to extend the agreement for another six months,” said Mohammed Al Rumhy, energy minister for non-OPEC producer Oman.

Bloomberg

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