More OPEC Members Call For Cuts Extension Beyond June

Mr Al Marzouq has called for a rollover and he was joined by Noureddine Boutarfa, Algeria's oil minister, who said in a television interview on Saturday that he thought the deal should be extended.

"We are ready to support" an extension on the six-month deal, which took effect in January, Venezuela's Oil Minister Nelson Martinez told reporters on Sunday before the meeting.

He said Iraq was in full compliance with the output-cut agreement.

The deal will be maintained if oil stockpiles are still above their five-year average, he said, shifting from his previous position that six months of cuts would be enough.

OPEC and 11 other competing producer, including Russian Federation, agreed last December to reduce their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year.

So how long can the oil producers maintain the reduced output?

Though Kuwait is satisfied with LNG supplies from Qatar, the parties continued the discussion on a long-term contract.

The agreement on production cut between OPEC and non-cartel producers expires in June.

Algerian Energy Minister Nouredine Bouterfa has said that an extension could benefit the market. It now trades at just under $50 a barrel.

"The secretary-general of OPEC is making a comprehensive investigation, analysis, of the market. he may recommend an extension of the declaration and this will be seen by the next OPEC meeting (in May)", Luaibi said. The monitoring committee discussed the option of extending the cuts "but we have decided that in order to make any decision like this or even any recommendations there needs to be a ministerial meeting".

Saudi Arabia itself reported much different output than secondary sources" estimates and "added to the confusion by introducing the term "supplies to the market', which is new for many participants", said Amrita Sen of Enegy Aspects. If it reaches its target of cutting 300,000 barrels a day, Russia's production would be lowered to 10.947 million barrels a day - accomplished by the end of April - from 11.247 million barrels a day in October, according to Russia's Energy Ministry.

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