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11/27/2020, 5:09 PM (Source: TeleTrader)
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Report: OPEC+ gravitates toward extending cuts

The Organization of the Petroleum Exporting Countries and allied producers led by Russia are leaning toward extending output cuts by another two or three months, the Wall Street Journal reported on Friday citing sources familiar with the matter.

However, a deal hasn't been hashed out yet, unnamed officials told the outlet ahead of the OPEC+ two-day policy meeting next week.

Recent improvements in crude prices are expected to force some members to argue for an end to production caps, the sources added.

Breaking the News / JC