Oil Higher and Output Cut Extension is Considered

Oil prices marched higher on Tuesday following reports indicating that Russia and Saudi Arabia are considering extending the oil production cut deal agreed between both OPEC and non-OPEC members once it expires in March 2018.Russia’s Energy Minister Alexander Novak was a key architect of the output cut deal that was extended by nine months last May. Novak was quoted by the domestic news agency Tass as saying on Tuesday that representatives from the two countries had talked about an extension but that no specific decisions had yet been reached.The comments follow remarks attributed to Iranian Oil Minister Bijan Zanganeh on Monday night that participants’ compliance with the terms of the deal had been improving.

Source: Russia hints that OPEC’s output cut could be extended again – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.