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OPEC Nears Meeting Without Clear Plan on How to Extend Cuts

  • Nobody opposes extension, talks focus on duration: Barkindo
  • Russia said to be unconvinced decision is necessary on Nov. 30
Bloomberg business news

OPEC's Barkindo Says Oil Rebalancing Is Finally in Sight

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Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain.

Russia, which alongside Saudi Arabia was the architect of the historic cooperation between crude producers, is said to be unconvinced that a decision is needed so soon because the deal expires at the end of March. While OPEC Secretary-General Mohammad Barkindo sees no opposition in principle to continuing the supply curbs, the extension could be as short as three months or as long as nine.