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Oil-producing nations are moving closer toward ending a global glut and rebalancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group's Secretary-General Mohammad Barkindo said.OPEC will decide at a meeting on May 25 whether to prolong the cuts it pledged to make starting in January, he said.OPEC and several other producers including Russia agreed in December to pump less oil in an orchestrated effort to end an oversupply weighing on prices.OPEC's compliance with the pledged cuts improved to 104 percent in March from 90 percent in February, while the rate for non-OPEC producers in the accord rose to 64 percent from 38 percent over the same two months, the International Energy Agency said in an April 13 report.
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