OPEC and allies to agree 1-month extension to output cuts

OPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.

The delegate, who spoke on condition that he not be identified, said: "It is most likely that the meeting today will result in an extension of the agreement for one month only. This is the general trend within OPEC ."

The oil producing states meet on Saturday to approve extending record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.