OPEC, non-OPEC to look at extending oil-output cut by six monthsA joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. The December accord, aimed at supporting the oil market, has lifted crude LCOc1 to more than $50 a barrel. But the price gain has encouraged U.S. shale oil producers, which are not part of the pact, to boost output. It asked the OPEC Secretariat to review oil market conditions and come back with recommendations in April regarding an extension of the agreement. Compliance with the supply-cut deal was 94 percent in February among OPEC and non-OPEC oil producers combined, Russia's Novak said.

Source: VietNamNet News March 26, 2017 15:33 UTC