Oil producers to review cuts impact

Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.

OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks.

Prices currently hover around $60 a barrel, down from more than $85 a barrel in early October in the face of fears of weaker demand and an increase in supplies. "In April, we will have a meeting to review the decision," United Arab Emirates Energy Minister said.

--AFP