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OPEC Inclined to Extend Deal, but Non-Producers Should Join: Sources

OPEC producers are prompted to extend their output deal beyond June, but Russia and other non-producers need to remain on board, people privy to the matter said.

They sealed a deal last year to lower its output rate by around 1.2 million barrels a day for half a year, beginning January 1. Since then, it has bolstered prices. But greater returns and escalating inventories in industrial countries have spurred American firms to produce more.

An OPEC representative noted prolonging the pact is needed in order to gain the equilibrium in the oil market, but should be done with other non-producers.

Sources familiar with the oil cartel said in February that it could extend the accord, or deepen curbs from July, should inventories fail to reach the targeted level.

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