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OPEC and its allies outside the group will maintain their cuts in oil output until global production meets demand, Saudi Arabia's Energy Minister Khalid al-Falih said.Global inventories have fallen since the production curbs took effect in January. By keeping 1.8 million barrels a day of cuts in place for an additional nine months, the oil producers aim to reduce stockpiles to their five-year average without overheating the market and eliciting a new surge in supply of shale oil. There is still about 150 million barrels of "inventory overhang" that has to be drained, and this number probably won't change much over the next four months due to "seasonal stock build" and increased output from U.S. shale deposits, Falih said.
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