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Oil Market Needs Another Month to Decide If the Rebound Is for Real

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A Chinese worker stands near an oil rig of the Great Wall Drilling Company, a subsidiary of China National Petroleum Corp (CNPC), in Varadero, Matanzas province, Cuba, during an organized tour by the state-run Cuba-Petroleo (CUPET), October 21, 2015. Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly said. REUTERS/Enrique de la Osa

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Even with oil prices possibly past the low point, and production falling from outside of OPEC, there aren’t enough signs to say a full recovery is in the works, Kuwait’s oil minister said.

Oil ministers from the Organization of Petroleum Exporting Countries need until next month to decide if the rebound is for real, and if it’s not, any production cuts shouldn’t fall only on OPEC’s shoulders, Ali Al-Omair said in an interview in Riyadh on Wednesday.

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