OPEC Is Said to Discuss Extending Cuts by More Than 3 Months

An extension of that duration would be needed under the worst-case scenario for the oil market that OPEC ministers are now contemplating, the people said, asking not to be named because the talks were private. One option under discussion is a six-month extension, one person said.

The Organization of Petroleum Exporting Countries and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing prices. The deal, reached in late 2016, initially called for a six-month period, which later was extended with another nine months until the end of March 2018.