Pump jacks are seen at the Lukoil-owned Imilorskoye oil field, as the sun sets, outside the west Siberian city of Kogalym, Russia, in this January 25, 2016 photo. REUTERS/Sergei Karpukhin
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An oil output cut by global producers, following on from the output freeze initiative, is quite unlikely and would be months away, OPEC sources said, suggesting any additional action to boost prices is remote. The freeze plan – to be discussed in Doha Sunday by OPEC and nonmembers such as Russia – has helped oil prices to rise over 60 percent from a 12-year low near $27 a barrel in January, despite doubts whether it is enough to tackle a supply glut. While a cut would go further, OPEC delegates say doubts over compliance with the output freeze and the uncertainties over Libyan and Iranian supply means that any discussion of a cut would be unlikely before late 2016 or next year.
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