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UBS Says Giving Up on Oil Pact ‘Not an Option’ for Saudi, Russia

  • OPEC and its partners seen sticking together out of necessity
  • Brent may rise as high as $60 a barrel this quarter, bank says
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Putin Says OPEC Deal May Be Extended to End of 2018

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OPEC and its partners, including Russia, need to extend their oil-production cuts for at least three more months to keep crude prices at current levels, according to UBS Group AG.

“Just out of necessity they will stick together,” Dominic Schnider, head of commodities and Asia-Pacific currencies at UBS’s wealth-management unit in Hong Kong, said in an interview in Moscow. “Falling back to the old scheme with decent U.S. shale-supply growth expected for next year is not an option.”