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Commodities47 minutes ago (Oct 18, 2017 09:28AM ET)
© Reuters. Reuters: OPEC leaning towards nine-month supply cut extension- OPEC is leaning towards extending its deal with non-members to cut oil supply for an additional nine months past the current March 2018 deadline, Reuters reports, citing four OPEC sources, although strong demand growth could allow the decision to be delayed until early next year.
- Three of the OPEC sources say that keeping the curbs in place until year-end 2018 is a likely outcome, while a fourth says a 6-9 month extension is needed to remove all excess oil in storage.
- Discussions among producers are continuing in the run-up to the next OPEC meeting to set oil policy on Nov. 30 in Vienna; before then, OPEC’s board of governors, who do not decide policy, will meet in Vienna on Oct. 23-24 and likely will informally discuss options and scenarios.
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- Now read: Geopolitical Issues In Iraq Sends Oil Higher
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