All oil producers participating in a deal to limit output agree on extending the cuts by nine months to help trim a supply glut, according to Saudi Arabia’s energy minister.
An extension through the first quarter of 2018 will help producers reach their goal of trimming global stockpiles to a five-year average, Khalid Al-Falih said. OPEC and other global producers such as Russia had agreed to reduce production in the first six months of this year, and the decision to extend the cuts will be taken when they meet in Vienna at the end of the month, he said.
