Opec production cut on the cards

Members of the Organisation of Petroleum Exporting Countries (Opec) and other major oil-producing countries agreed to extend the production cuts agreed late last year, as GSN went to press, with the aim of boosting prices and cutting oil stocks around the world. The previous cuts took effect from 1 January and were due to last six months, but in recent weeks a string of officials from Saudi Arabia, Iraq, Kuwait, Oman and other Opec and non-Opec states have publically called for a further round.