Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, speaks during CERAWeek, Tuesday, March 7, 2017, in Houston. (Melissa Phillip/Houston Chronicle via AP)
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OPEC and its allies may prolong production cuts after they expire in June if the world's crude inventories remain excessive, Saudi Arabia's Energy Minister said.Saudi Arabia has shouldered the bulk of OPEC cuts, trimming February output to 10.011 million barrels a day, which is below the ceiling imposed by the agreement. OPEC output in February was 1.39 million barrels a day lower than its reference level. But among the 11 nonmembers joining OPEC in the accord, compliance is lagging. Led by Russia, the countries reduced their February output by 240,000 barrels a day from October-November levels, or 43 percent of their promised 558,000-barrel reduction, according to Bloomberg calculations using preliminary data from the agency.In the U.S., higher oil prices triggered by the OPEC agreement have spurred investment in the shale industry, potentially signally another production boom that could undermine OPEC's goal of rebalancing the market.
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