The Organization of Petroleum Exporting Countries is in no rush to make further cuts in oil output or end some countries' exemptions to output limits. However a meeting in Russia next month is likely to consider further steps to support the market. Iran says that OPEC should wait until the effects of the current reduced level of production became clear. The oil organization, Russia and other producers initially agreed to cut production by 1.8 million barrels per day for six months starting Jan first. Nigeria and Libya were exempted from the cuts because of production losses caused by unrest while Iran was given a small increase so it could recover market share lost while under Western sanctions. While the participating countries have complied with their cut pledges, OPEC output has been rising, tipping the global market back into surplus.

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