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Opec+ close to deal as smaller members promise to stick to output cuts too

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The oil cartel and allies are worried, however, that cuts will see US shale oil producers ramp up production

London/Moscow — Oil cartel Opec and its allies are edging closer to a consensus on extending production cuts, even as wrangling continued over whether members could be trusted to stick to their promises.

The risk for Opec now is that as higher prices encourage US shale producers to bring production back online, the tentative recovery could falter. It needs to decide whether to extend those historic cuts or taper them in July as initially planned. Saudi Arabia insisted that countries should report production figures for May, the first month of the Opec+ latest agreement, according to a delegate who asked not to be identified.

 

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