Support is building within the OPEC to extend its oil production cuts beyond June.
Senior Gulf officials tell CNNMoney a proposal is in the works. It is said to have the support of a key OPEC committee that is responsible for monitoring countries, and ensuring they are complying with an agreement to reduce oil output.
“There is no formal proposal from Saudi Arabia but one is taking shape in the monitoring committee,” one official said. “There’s strong support in the monitoring committee.”
