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OPEC+ states discuss extending oil cut deal for 3-6 months — source

September 25, 13:49 UTC+3

The fate of the deal after March 2018 will be discussed at a regular meeting in Vienna on November 30

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© Stanislav Krasilnikov/TASS

MOSCOW, September 25. /TASS/. The countries participating in the agreement on reducing however consensus has not yet been reached, a high-ranking source in OPEC told TASS.

"Yes, we are now thinking about how to proceed after March. It depends on figures. Some members want to extend the deal, others do not, and some want to increase quotas. Consultations are currently in progress, we still have time. Currently, extension is under discussion for a period of 3-6 months," the source said.

According to the source, it is expected that the fate of the deal after March 2018 will be discussed at a regular meeting in Vienna on November 30.

Last week, the fifth meeting of the monitoring ministerial committee of OPEC+ was held in Vienna, where extending the deal was discussed. Following the meeting, Russian Minister of Energy Alexander Novak said that it is best to make a decision on this issue before January.

The source said OPEC+ can start monitoring oil exports of the countries participating in the agreement in addition to the production control only after November. 

"This will depend on the decision in November. The current agreement includes only extraction monitoring. If they want to monitor something else, they have to decide at the conference," the source said.

The source also noted that the question is about monitoring exports as an additional, not a substitute parameter.

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