OPEC Favors 9-Month Extension Of Production Cut Agreement

OPEC favors a nine-month extension to the OPEC/NOPEC production cut deal, according to four anonymous Reuters sources, which would push out the agreement until December 2018. The possibility of extending the cuts through end 2018 has been discussed before, and OPEC has been saying for quite some time that OPEC would be willing to do “whatever it takes” to balance the oil market. Still, OPEC has been reluctant to commit to anything beyond the existing agreement, which holds production at 32.5 million bpd for OPEC members—a 1.2-million…