OPEC Discusses Extending Oil Cuts by More Than Three Months - Bloomberg

OPEC Discusses Extending Oil Cuts by More Than Three Months - Bloomberg:

"OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of next year in an effort to boost prices, according to people familiar with the matter. An extension of that duration would be needed under the worst-case scenario for the oil market that OPEC ministers are now contemplating, the people said, asking not to be named because the talks were private. One option under discussion is a six-month extension, one person said. The Organization of Petroleum Exporting Countries and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing prices. The deal, reached in late 2016, initially called for a six-month period, which later was extended with another nine months until the end of March 2018."



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