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Kuwait, Saudi Hint at Likely Extension of OPEC Output Pact

Some of the world's leading oil producers implied that OPEC seeks to extend for another six months an accord with non-OPEC members to curtail crude supplies.

Kuwait's oil chief Essam al-Marzouq said Thursday he anticipated an extension of the pact as they have noticed a surge in compliance from non-OPEC producers, citing Russia's good adherence rate.

According to Saudi Arabia's energy head Khalid al-Falih, there is an increasing consensus among producers the deal should be prolonged. He said they have not yet struck any agreement and discussions were ongoing.

The oil cartel will convene on May 25 to tackle extending supply cuts with non-members that total 1.8 million barrels per day.
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