OPEC oil cut decision likely to extend beyond 2017
However, doubts remain that a possible extension might not work to keep global crude oil stocks and prices in balance as the US signals it will increase its production and Iran is planning to raise its daily production to 5.7 million barrels.
The OPEC countries agreed on reducing oil production for six months last November to improve global oil prices. The group will meet on May 25 in Vienna again to discuss a possible extension of the deal, which is highly likely according to many analysts.
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