To extend or not extend? Officials from OPEC and a select few non-OPEC countries met over the weekend to review the state of the oil market, monitor their progress and discuss what to do next regarding their collective production cut deal. The group offered a glimmer of hope for an extension of the cuts, with several countries stating their support for such a move. However, there was no formal position from the members. Instead they said that they will consider an extension when they meet in April and issue a recommendation ahead of the official ministerial summit on May 25. The monitoring meeting this past weekend comes amid “increasing skepticism” in the oil market regarding the odds of a six-month extension, JBC Energy said in a recent report. U.S. oil production is rebounding strongly, with output back up to 9.1 million barrels per day, roughly 600,000 bpd higher than […]