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