ECONOMY


OPEC mulls extending oil production cut deal for 3-6 months after March 2020 — sources

Baku, November 27, AZERTAC

OPEC countries unanimously support the feasibility of extending the agreement on reduction of oil production (OPEC+) after March 2020, when it expires; the extension for 3-6 months is being discussed, three sources in delegations familiar with the talks told TASS.

"The extension (of the agreement) after March is the least we can do. But most likely we will not increase the reduction volume," one of the sources told TASS.

The source specified that one of the options is a six-month extension. Another source told TASS that the probable term of extension is 3 months — until June 2020.

"Then there will be a new meeting, we will decide what to do next," the source said.

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