OPEC leans towards oil cut extension, but non-members need to be in - RTRS

Eren Sengezer FXStreet

According to Reuters, OPEC oil producers increasingly favor extending beyond June a pact on reducing crude supply to balance the market, sources within the group said.

Key quotes (via Reuters)

A growing number of OPEC officials believe it may take longer than six months to reduce stocks
"An extension is needed to balance the market," an OPEC delegate said. "Any extension of the cut agreement should be with non-OPEC."
"The ministers will meet in May to decide, but everyone has to be on board," an OPEC source from a major producer said
"Hard negotiations are on the way," another one of the sources said.
"It's too early to know whether everyone will agree to this," a source from a non-OPEC participant in the deal said

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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