OPEC to Back 9-Month Extension, Awaits Russia's Commitment
- Moscow said to be concerned that oil above $60 helps shale
- OPEC said to fear price drop if they don’t extend to end-2018
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All OPEC members support extending their oil production cuts until the end of 2018, although Russia hasn’t yet committed to the proposal before Thursday’s meeting in Vienna, said people familiar with the matter.
While Russia and the Organization of Petroleum Exporting Countries have crafted the outline of a deal to continue their curbs for nine months beyond the current end-March expiry, Moscow still has concerns that supporting oil prices above $60 a barrel will help U.S. shale rivals, the people said, asking not to be identified because the information is private.