OPEC Nears Meeting Without Clear Plan on How to Extend Cuts

Russia, which alongside Saudi Arabia was the architect of the historic cooperation between crude producers, is said to be unconvinced that a decision is needed so soon because the deal expires at the end of March. While OPEC Secretary-General Mohammad Barkindo sees no opposition in principle to continuing the supply curbs, the extension could be as short as three months or as long as nine.

There‘s good reason for doubts to creep into the deliberations. While forecasters agree that the production cuts have depleted bloated fuel stockpiles in recent months, there‘s huge divergence in forecasts for 2018. Brent crude is finally trading above $60 a barrel, but it‘s unclear whether that‘s down to an improving market or the huge increase in speculative bets.