OPEC and allies reportedly agree to extend record production cut

OPEC and allies reportedly agree to extend record production cut

An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.Akos Stiller | Bloomberg | Getty ImagesOPEC and its oil-produci

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An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.

Akos Stiller | Bloomberg | Getty Images

OPEC and its oil-producing allies reportedly agreed to extend the historic 9.7 million barrels per day production cut that was set to expire at the end of June, according to two sources familiar with the matter.

The cut will be extended through the end of July, and the group is expected to confirm the agreement at its meeting on Saturday, which kicked off a little before 8:30 a.m. ET.

The closely watched meeting was initially scheduled for June 9-10, but was pulled forward after Iraq agreed to comply with its quota.

On Friday West Texas Intermediate jumped 5.72% to settle at $39.55, while international benchmark Brent crude gained 5.78% to settle at $42.30. It was each contract’s sixth straight week of gains, and the highest settle since March 6.

“OPEC+ looks set to formally announce a one-month deal extension at [Saturday’s] ministerial meeting,” said Helima Croft, RBC’s global head of commodities strategy. “Nevertheless, there could be some last minute theatrics at the virtual gathering and we suspect that some individual producer…



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