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Extension of OPEC oil cut deal likely - Iranian Oil Minister Bijan Zanganeh

Speaking to reporters in Moscow, Iranian Oil Minister Bijan Zanganeh said that an extension to the global oil cuts deal is likely, but added that time is needed to discuss the subject thoroughly.

"It seems that most of the OPEC and non-OPEC (countries) are going to extend the agreement, but time is needed to evaluate the situation and to have face-to-face meetings and discussions with others," Zanganeh, who was visiting Moscow, said.

The Organization of the Petroleum Exporting Countries (OPEC) and 11 other leading producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year.

A joint committee of ministers from OPEC and non-OPEC oil producers were meeting in Kuwait to review progress with their global pact to cut supplies. The committee has agreed to review whether a global pact to limit supplies should be extended by six months.

The committee has requested a technical group and for the OPEC Secretariat to "review the oil market conditions and revert ... in April, 2017 regarding the extension of the voluntary production adjustments. Analysts said the lack of an immediate extension could drag on crude prices.

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