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

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