OPEC nearing deal to extend oil output cut to March 2018

Reuters ------ OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. The market sees an extension by nine months as the base-case scenario since OPEC's de facto leader Saudi Arabia and top non-member Russia said this month they favored such a move. To learn more click on the picture below to read the article.