An OPEC panel reviewing scenarios for next week’s policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC’s national representatives – officials representing the 13 member countries – plus officials from OPEC’s Vienna secretariat met on Wednesday and Thursday to discuss the market.
The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said.
“We have not agreed on final scenarios,” said one of the sources.
A second source said a deeper cut in output was an option depending on estimated growth in supply from non-OPEC producers and U.S. shale oil.
OPEC kingpin Saudi Arabia and non-member Russia, the world’s top two oil producers, have agreed on the need to keep the current cut in place until March 2018.
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