OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday. Talks are at early stages, but there is an understanding that after March, the cuts should be extended until the end of the year, the OPEC source told TASS on the sidelines of the World Economic Forum in Davos. “Certainly, we can review any agreement at the meeting in June,” TASS’s source at OPEC said. According to the source, it is “unlikely” that the cartel decides to relax the quotas in March, because the market is still very bearish in its demand growth outlook. At the OPEC+ meeting in December, OPEC and its Russia-led partners decided to deepen the oil production cuts by 500,000 bpd in the first quarter of 2020, when demand is expected at its weakest for 2020. This brings […]