Saudi Arabia, Kuwait signal likely extension of oil output cut

Source: Reuters

“Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude. Consensus is growing among oil producers that a supply restraint pact that started in January should be prolonged after its initial six-month term, Saudi Energy Minister Khalid al-Falih said. ‘There is consensus building but it’s not done yet,’ Falih told reporters at a conference in the United Arab Emirates. Kuwait’s oil minister Essam al-Marzouq said he expected the agreement to be extended.” (04/20/17)