OPEC will need to extend oil curbs to keep price higher: poll

The global oil cartel, OPEC, will need to continue with its curbs on oil production in order to sustain a recovery in prices, Reuters reported citing a poll of market analysts.

The move would become necessary as a recovery in crude production outside the group may thwart its efforts to erode glut in unused inventory, the survey showed.

Six of the ten analysts said they believed OPEC will extend its output cuts beyond June this year, while two felt the group did not need to extend the deal and a further two were undecided, the report said.

In its monthly report on Tuesday, the group said oil inventories rose in January despite a global deal to cut production and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a glut.

The group is cutting its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 bpd.