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Saudi Arabia is said to be pushing for a nine-month extension of the oil production cut agreement. which will expire in March 2018. Reuters reported on Wednesday citing industry sources.
The Organization of the Petroleum Exporting Countries (OPEC) will hold a summit in Vienna on 30 November that will include nine non-OPEC major producers like Russia. to decide on the output policy for the upcoming period.
Many experts and officials are expecting the output cut agreement to be extended.
Riyadh is looking forward maintain the market rebalance. and avoid the risk of a market oversupply. which can lead to a retreat in prices.
Saudi Arabia. Russia. the UAE. and others previously sounded their support for extending the agreement beyond March.
