OPEC to Back 9-Month Extension, Awaits Russia's Commitment - Bloomberg:
"All OPEC members support extending their oil production cuts until the end of 2018, although Russia hasn’t yet committed to the proposal before Thursday’s meeting in Vienna, said people familiar with the matter.
While Russia and the Organization of Petroleum Exporting Countries have crafted the outline of a deal to continue their curbs for nine months beyond the current end-March expiry, Moscow still has concerns that supporting oil prices above $60 a barrel will help U.S. shale rivals, the people said, asking not to be identified because the information is private.
This situation underscores the dilemma faced by the 24 oil producers who forged a historic agreement to curb output a year ago. Signs of success are clear -- global fuel stockpiles are draining and crude prices are near two-year highs. Yet ministers gathering in the Austrian capital this week have little idea how U.S. shale producers will respond if they continue to restrain their own output until the end of 2018. Until recently, Russia and OPEC member Kuwait had been insisting the decision on extension should be delayed until early next year, hoping the outlook would be clearer."
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