While OPEC and its allies agree their output-cut deal needs to be prolonged as bloated inventories won't shrink to normal levels by March, they're yet to reach consensus on how long the pact must be extended, according to ministers from three of the top producers.
Global stockpiles are declining and demand is increasing, but there's still a significant inventory overhang in the market, Khalid Al-Falih, Saudi Arabia's oil minister, said at the Asian Ministerial Energy Roundtable in Bangkok on Thursday. Issam Almarzooq, his Kuwaiti counterpart, said producers are in the process of discussing and finalizing a decision on the extension of output curbs by the Organization of Petroleum Exporting Countries and partners such as Russia.
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