A source close to negotiations over an OPEC-led effort to balance the market with production cuts told Russian media Monday an extension was under review. The Organization of Petroleum Exporting Countries and a handful of non-member state producers like Russia started implementing an agreement in January to bring the five-year average for global oil stockpiles closer to even with managed production cuts. The agreement was supposed to last 12 months, but was extended to March earlier this year. Russian news agency Tass reported Monday it was told by “a high-ranking source” within OPEC the consensus so far was mixed on extending the arrangement again. “Currently, extension is under discussion for a period of 3-6 months,” the source was quoted as saying . Members of […]