The oil market is sending signals that it wants OPEC to not only extend production limits when it meets this
Slashing production below levels agreed to in November would threaten OPEC members' hold on key markets like Asia, which has lately turned to U.S. exports to fill the gap. It would also require another round of negotiations, following the contentious dealmaking that yielded last year's accord.
"I think they had a hard time getting this deal together, and I don't particularly think that most of the OPEC countries want to cut
"Now they're going to cut another couple thousand [barrels]? And how are they going to divvy that up?"
OPEC agreed to take 1.2 million barrels a day off the market through the first half of 2017. An agreement with 11 other exporters including Russia ratcheted up the cuts to about 1.8 million barrels a day.