OPEC panel currently discussing deepening and extending oil output cuts

Author: Mike Paterson | Category: News

OPEC panel ahead of next week's meeting in Vienna

  • panel meeting to discuss ways to bring inventories down
  • will conclude meeting later today (Friday) after scheduled talks with non-OPEC countries

Reuters story quoting "sources"

The two-day meeting has been extended into today with one of the sources saying:

"We have not agreed on final scenarios"

Recent reports have the Saudis and Russians looking for 9-month extensions but still to be approved at the full OPEC/non OPEC meeting on the 25th May.      

WTI currently $50.33 on the rise from $49.80 . Brent $53.16 from $52.60

USDCAD falling to session lows of 1.3582. Recent demand notable down here.