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OPEC looked at extra 1-1.5 percent oil supply cut, could revive proposal
OPEC discussed cutting its oil output by a further 1-1.5 percent when it met last week, three sources familiar with the matter said, and could revisit the proposal should inventories remain high and continue to weigh on prices. The Organization of the Petroleum Exporting Countries and non-member producers ultimately decided at their May 25 meeting to extend their existing supply-cutting agreement for nine months, although oil ministers including Saudi Arabia's Khalid al-Falih confirmed deeper curbs had been debated. One of the sources said the idea floated was to widen OPEC's supply cut by about 300,000 barrels per ... (full story)