The energy ministers of Qatar (L) Mohammed bin Saleh al-Sada, UAE's Suhail al-Mazrouei (C) and Saudi Khaled al-Falih, attend the 3rd GCC Petroleum Media Forum on April 20, 2017 in Abu Dhabi. AFP / NEZAR BALOUT
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A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia's oil minister said Thursday, as persistently high stockpiles weigh on prices.The producers pledged to reduce output for six months starting in January. Falih didn't identify or specify the number of countries in the initial deal for an extension.Iran's oil minister made a commitment to freeze output at 3.8 million barrels a day for the rest of the year on the assumption the cuts are extended beyond June, Kuwait Oil Minister Essam al-Marzooq said in Abu Dhabi.
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