Nigeria supports an extension of a deal between OPEC, Russia and other non-members

Eren Sengezer FXStreet

Earlier in the session, Nigeria's Minister of State for Petroleum Emmanuel Ibe Kachikwu spoke to Reuters, stating that Nigeria was supporting an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 as long as the right terms were on the table, as reported by Reuters.

Key quotes

There is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.

The issue will be the duration.

There isn't any reason to change what is a winning formula.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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