Saudi Arabia pushing for 9-month extension of OPEC cuts: report

Saudi Arabia is pushing oil ministers for a nine-month extension to OPEC’s output cuts on November 30 to get rid of oversupply pressures on prices, Reuters reported on Wednesday, citing unnamed sources with knowledge of the matter.

Meanwhile, OPEC sources deemed this less likely amid expectations for an extension for three or six months, or for a decision delay by producing countries.

Other sources, however, considered the nine-month extension is more likely.

"There is a 90 percent chance that it will be announced in November ... yes, for nine months," an OPEC source said.

OPEC, non-member Russia and nine other producers are cutting oil output by about 1.8 million barrels per day until March 2018, and will discuss extending the deal at a Nov. 30 meeting in Vienna.

Oil prices eased on Thursday. US West Texas Intermediate crude traded at $57.85 a barrel, down 0.29 percent. Brent crude futures, the international benchmark for oil prices, shed 0.49 percent to $63.01 per barrel.