KUWAIT CITY - Oil producers have pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles. “We are ready to support” extending the deal, which took effect in January, Venezuela’s Oil Minister Nelson Martinez said on Sunday. “It does make sense to extend the agreement for another six months,” said Mohammed Al Rumhy, energy minister for non-Opec producer Oman. Kuwait this month became the first nation to call for extending the production cuts, with Oil Minister Issam Almarzooq saying inventories had grown more than expected. Iraq expressed a willingness to support extending the cuts but only if Opec and others agree, Oil Minister Jabbar Al-Luaibi told reporters.

Source: Bangkok Post March 27, 2017 05:48 UTC