Kuwait said Tuesday not every OPEC member was on board for an extension to March 2018.
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OPEC will likely agree to extend production cuts for another nine months, delegates said Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer, Iraq, for a nine-month extension and said he expected no objections from anyone else.Saudi Arabia's Gulf ally Kuwait said Tuesday not every OPEC member was on board for an extension to March 2018, but most delegates in Vienna said they expected a fairly painless meeting Thursday.Algerian Energy Minister Noureddine Boutarfa said Tuesday that OPEC was discussing a possible nine-month extension, with curbs kept at the same level as under the group's existing deal.
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