The Organization of the Petroleum Exporting Countries has not discussed“at this stage” extending production cuts into next year, the group’s president said on Sunday, adding that reducing global crude supply inventories remained its focus. Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC’s president, said in a brief interview ahead of the CERAWeek energy conference in Houston:“We feel there is still some market overhang.” The group and allies agreed last year to cut combined output by about 1.8 million barrels per day to drain a global oil glut. The agreement began in January 2017 and runs through the end of this year. Production cuts by the group and non-OPEC member countries led by Russia have helped stabilize oil prices mostly above $61 a barrel this year and any decision to phase out or extend the curbs would affect global prices. Saudi Arabia said […]