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OPEC Poised for ‘Safe Bet’ of Nine-Month Extension of Oil Cuts

  • Saudi Arabia’s Al-Falih said option should ‘do the trick’
  • U.A.E. minister says shale oil surge to be absorbed by demand
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Nigeria Minister of State: Petroleum Emmanuel Ibe Kachikwu discusses OPEC's 9 month production cut extension, the possible extension of an additional 3 months, the U.S. Shale market and his outlook for oil prices. He speaks on 'Bloomberg Daybreak: Europe.' (Source: Bloomberg)

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OPEC and its allies were poised to extend their production cuts for an additional nine months after last year’s agreement failed to clear a global supply glut or deliver a sustainable price recovery.

Maintaining the same level of production through March 2018 “is a very safe and almost certain option to do the trick,” Saudi Arabian Oil Minister Khalid Al-Falih said at the opening session of the group’s meeting in Vienna. “It’s likely we’ll be balanced earlier than later.”