Vienna—OPEC and its 11 non-OPEC partners appear set to continue their agreement to cut 1.8 million b/d from the market through March 2018, but are reserving the option of extending it even longer, in a bid to bolster trader confidence in their commitment to supply management. The producer coalition’s monitoring committee on Wednesday formally recommended a nine-month extension of the output cuts at current levels, with a pledge to “continue monitoring conformity levels as well as market conditions and immediate prospects, and recommend further adjustment actions, if deemed necessary.”
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