Vienna — An Opec panel reviewing scenarios for next week’s policy-setting meeting is looking at the option of deepening and extending an Opec-led deal to reduce oil output, Opec sources said on Friday. The oil cartel’s national representatives — officials representing the 13 member countries — plus officials from Opec’s Vienna secretariat met on Wednesday and Thursday to discuss the market. The meeting of the economic commission board was scheduled to finish on Thursday but would conclude later on Friday, two Opec sources said. "We have not agreed on final scenarios," said one of the sources. A second source said a deeper cut in output was an option depending on estimated growth in supply from non-Opec producers and US shale oil. Opec kingpin Saudi Arabia and nonmember Russia, the world’s top two oil producers, have agreed on the need to keep the current cut in place until March 2018. The meeting precedes a policy-setting gathering of Opec and non-Opec oil ministers on May 25 to dec...
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