Saudi Arabia's Oil Minister Khalid al-Falih (L) sits next to OPEC Secretary-General Mohammad Barkindo as he talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader
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OPEC and non-OPEC oil producers look poised to agree at a meeting on Thursday to extend output cuts until the end of 2018, four OPEC sources said as the group seeks to clear a global glut of crude and avoid another price crash.Some last-minute debate was still possible on the language of an expected statement, with non-OPEC Russia pushing for a clear message on how to exit the cuts so the market is prevented from overheating by flipping into a deficit too soon. The producers' current deal, under which they are cutting supply by about 1.8 million barrels per day (bpd) in an effort to boost oil prices, expires in March. The OPEC meeting will be followed by a gathering of OPEC and non-OPEC producers led by Russia at around 1400 GMT.The 14-member OPEC and Russia have signalled that they may review any extension of the deal when they meet again in June if the market overheats.
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