The Petroleum Exporting Countries (OPEC) unanimously support an extension to the agreement on the reduction of oil output after March 2020 and continue to discuss whether a three or a six-month extension is needed, Russian news agency TASS reported on Tuesday, citing three sources familiar with talks.
“The extension of the agreement after March is the least we can do. But most likely we will not increase the reduction volume,” one source told TASS and added that a six-month extension was one of the options while saying a three-month extension was more likely.
Crude oil prices edged lower on these remarks and the barrel of West Texas Intermediate was last seen trading at $58.05, still up 0.35% on the day.
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