Major oil producers are considering extending their recent cuts to output in a fresh bid to boost prices. Countries in the oil cartel Opec and several other oil nations started to reduce production at the start of 2017. The move initially pushed up the oil price, but it has dropped in the last few weeks on fears the limits would not be enough to deal with an oil glut. A group of ministers agreed on Sunday to review extending the cuts by six months, taking them to the end of 2017. At a meeting in Kuwait, they requested that officials report next month “regarding the extension of the voluntary production adjustments”. Opec countries and 11 other oil-producing nations, including Russia, agreed in December 2016 to slash production, the first time in 15 years that a global pact had been struck. ‘Jittery’ The price of Brent crude peaked at over […]