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OPEC to extend production cuts through 2018- Bloomberg

Ted Seifried of Zaner AG Hedge discusses the outlook for oil and actions from OPEC. He speaks with Mark Barton on “Bloomberg Markets.”

WATCH: oil prices to jump in December 2017-Expert

This comes on the heels of Saudi Crown Prince Mohammed Bin Salman telling Bloomberg that he supports OPEC extending the March 2018 deadline to the whole year.

Seifrid said that in all likelihood, the cuts will extend to all of 2018 and this days after the Saudi oil minister said the kingdom will do whatever it takes to get production back to 5-year levels.

Read: Iraq, Iran tensions boost oil buyers’ appetite, demand

This action will add support to the market, price wise, especially that Iraqi production has slowed due to the conflict with the Kurds around Kirkuk.