OPEC and Russia Agree on Outline of Output Cut Extension

OPEC and Russia have crafted the outline of a deal to extend their oil production cuts to the end of next year, although both sides are still hammering out crucial details, according to people involved in the conversations.The Organisation of Petroleum Exporting Countries and several non-OPEC nations led by Russia will meet next week in Vienna to discuss prolonging their output curbs. The Kremlin had been hesitating over the need for an extension when the current deal doesn’t expire until the end of March.After days of talks, Moscow and Riyadh now agree on the need to announce an additional period of cuts at the Nov. 30 meeting, the people said, asking not to be named because the conversations are private. Russia wants the extension deal to include new language that would link the size of the curbs to the health of the oil market, they said.

Source: Russia-OPEC Agree on Framework to Extend Oil Cuts – Bloomberg

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