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OPEC panel to conclude meeting Friday - sources

Reuters  |  VIENNA 

VIENNA (Reuters) - An panel reviewing scenarios for next week's policy-setting is looking at the option of deepening and extending an OPEC-led deal to reduce output, sources said on Friday.

OPEC'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 two-day meeting, called the Economic Commission Board, was scheduled to finish on Thursday but will conclude later on Friday, two sources said.

"We have not agreed on final scenarios," said one of the sources.

A second source said a deeper supply cut was an option depending on estimated growth in supply from non-and U.S. shale

The precedes a policy-setting gathering of and non-ministers on May 25 to decide whether to extend their deal to reduce output beyond June 30.

The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

prices, trading at around $53 a barrel, have gained support from reduced output but high inventories and rising supply from producers outside the deal have limited the rally, pressing the case for extending the deal.

(Reporting by Alex Lawler; editing by Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)