Report: OPEC+ likely to extend oil supply cuts until June

MOSCOW, Nov 21 (PRIME) -- OPEC and its allies are likely to extend the existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia’s push for stable oil prices amid the listing of state oil giant Saudi Aramco, Reuters reported Thursday, citing an OPEC source.

OPEC will meet on December 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, led by Russia, known as OPEC plus. The current oil supply cuts run through to March 2020.

On December 5, Saudi Arabia is set to announce the final pricing of the initial public offering (IPO) of Aramco, in what it hopes will be the world’s largest IPO. The oil price at the time is likely to be key to Aramco’s listing, expected around mid-December.

“So far we have two main scenarios: either meet in December and extend the current cuts until June; or defer the decision until early next year, meet before March to see how the market looks and extend the cuts until the middle of the year,” said an OPEC source.

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