Iraqi oil minister Jabar al-Luaibi crossed the wires, via Reuters, in the last minutes announcing that they have agreed upon a rollover of the oil output cut deal for 9 months at the same quota levels for every producer in the agreement. The minister further added that he did not expect any complications at the upcoming OPEC meeting.
Similarly, Iran’s oil minister also said that there will be a 9-month extension. “We have already agreed on the principle of the rollover,” Saudi oil minister noted.
In the meantime, the barrel of West Texas Intermediate is up 3.15% on the day at $60.