Qatar's Minister of Energy Mohammed al-Sada gestures as he speaks to the media in Doha, Qatar February 8, 2017. REUTERS/Naseem Zeitoon
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OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to rebalance the market, oil ministers for Iran and fellow group member Qatar said. Global oil supplies have decreased as the Organization of Petroleum Exporting Countries and producers outside the group comply with a six-month deal to curb output that took effect on Jan. 1, Qatar's Energy Minister Mohammad al-Sada said Wednesday at a news briefing in Doha.OPEC enlisted support from 11 other producers on Dec. 10 in a historic deal to remove as much as 1.8 million barrels of oil a day from the market. OPEC expects to decide whether to extend the cuts at its biannual meeting in Vienna in May.
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