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Posted by admin on May 19, 2017

ReutersBy Alex Lawler and Rania El Gamal VIENNA (Reuters) - An OPEC panel reviewing scenarios for the oil producer group's meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources said on Friday, in an attempt to drain inventories and support prices. Saudi Arabia and non-OPEC Russia, the world's top two oil producers, have agreed on the need to prolong the current cuts until March 2018, although Saudi Energy Minister Khalid al-Falih said extended curbs would be on the same terms. Among the scenarios being considered by the OPEC panel were a six- or nine-month extension with a possible deeper cut, sources said.


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