24.05.201708:32:00UTC+00OPEC, Non-OPEC Producers Could Deepen Production Cuts: Kuwait

OPEC and non-OPEC producers could deepen production cuts or extend their current accord for another year when they convene in Vienna this week, wanting to bolster oil prices and clear supply glut.

Kuwait said Wednesday talks included the likelihood of expanding or prolonging the output deal by 12 months, with the country's oil chief Essam al-Marzouq noting that all options are laid on the table.

Saudi Arabia have mentioned it is in favor of extending the pact by nine months. Algeria, Iraq, and Russia said they are in favor of extension.

OPEC members will gather to determine Thursday whether to prolong the agreement struck in December. Prior to the meeting, a monitoring panel holds a discussion in the Austrian capital to tackle the progress of the accord and its effect on the overall crude supply worldwide.

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