OPEC will need to extend supply cuts when it meets next week to end years of global oil oversupply, oil ministers from two OPEC members said on Wednesday, just over a week before the group meets to discuss supply policy. The Organization of the Petroleum Exporting Countries, non-member Russia and nine other producers agreed to curb oil output by about 1.8 million barrels per day until March 2018. They are expected to extend the deal at a Nov. 30 meeting in Vienna. Sponsored Top crude exporter Saudi Arabia is lobbying oil ministers to extend output cuts by nine months, sources familiar with the matter said. “In my view, an extension of the agreement will help us in stabilizing the market,” Qatar Oil Minister Mohammed al-Sada said on the sidelines of a gas exporter meeting in Santa Cruz, Bolivia, on Wednesday. OPEC has been successful […]