OPEC is seeking to achieve consensus agreement before a meeting on Nov. 30 on how long to extend a global pact to curb oil production, OPEC's secretary general said on Tuesday, with no country unwilling to prolong the accord. The comments indicate an increasing chance that the deal will be extended further into next year at the Nov. 30 meeting. Oil prices are trading at a more than two-year high, but an overhang of stored oil has yet to be fully eradicated. "Extensive consultations are currently ongoing to reach some consensus before Nov. 30 on the duration beyond the March 2018 deadline," OPEC's Mohammad Barkindo told reporters. The producers are in the process of inviting other countries to the Nov. 30 meeting, Barkindo said, with a view to joining the deal.

Source: CBC News November 07, 2017 16:52 UTC