The accord, aimed at supporting the oil market, has lifted crude to more than US$50 a barrel. But the price gain has encouraged US shale oil producers, which are not part of the pact, to boost output. Opec Secretary-General Mohammed Barkindo is investigating whether the deal needs to be extended, Iraqi Oil Minister Jabar Ali al-Luaibi told reporters on Sunday before the meeting. Compliance with the supply-cut deal was 94% in February among Opec and non-Opec oil producers combined, Russian Energy Minister Alexander Novak said. Kuwaiti Oil Minister Essam al-Marzouq said the oil market may return to balance by the third quarter of this year if producers comply fully with their production targets.

Source: Bangkok Post March 26, 2017 09:22 UTC