OPEC and non-member oil producers are considering extending a global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak, OPEC and industry sources said.
The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to curb production by 1.8 million barrels per day for six months from Jan. 1.
Oil prices have gained support but global inventories remain high, pulling crude back below $50 a barrel and putting pressure on OPEC to extend the cuts through the rest of 2017.
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