In a statement , the joint committee of seven oil ministers from the parties to the cut said that the deal could be extended for another six months, depending on how oil’s fundamentals look in June. An earlier version of the statement, however, had the committee recommending the extension, according to Reuters. The committee, which was set up to monitor the progress of the cuts and compliance rates, met in Kuwait over the weekend to review the situation. Its members commended the participants for their high rate of compliance – 94 percent as of February – and urged them to strive for 100 percent. It seems that even a maximum compliance rate won’t change prices much, as U.S. inventory builds and rising production from the shale patch continue to offset the cuts already made by OPEC and its partners. Moreover, not everyone is on board with the extension idea. […]