1/24, 11:29 AM (Source: TeleTrader)
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OPEC mulls extending output cut until year's end - report

The Organization of the Petroleum Exporting Countries (OPEC) is considering the option of prolonging the reduced oil production until the end of the year, with the possibility of revising quotas in June, according to a source quoted by Tass on Friday.

The same source claimed that it is unlikely the quotas will be lowered at the organization's meeting in March, adding that the "market pessimism is strong".

Yesterday, Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC is keeping "all options on the table" for the March meeting, including further cuts to the agreed figures, while the organization's Secretary-General Mohammed Barkindo insisted it is too early to discuss an extension to the crude output cut deal between the OPEC and its allies.

Breaking the News / ND