Oil prices were lower today after Saudi Arabia's energy minister Khalid al-Falih said that it is still too early to decide whether OPEC should extend its cut of crude production for the rest of the year, the Wall Street Journal reports. 

Last December, OPEC agreed to curb its output by about 1.2 million barrels per day from January 1 for six months. Non-OPEC producers agreed to cut half as much.

However, "it is premature to talk about extending the cut," al-Falih said. 

OPEC's 13 national ministers are scheduled to decide that question on May 25.

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