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Thursday, 20 April 2017

Saudi oil minister raises hopes of Opec deal extension

Saudi oil minister raises hopes of Opec deal extension:

"Consensus is building towards agreement to extend an Opec deal to limit output by three to six months as the producer group seeks to achieve its goal of bring down inventory stocks, Saudi Arabia’s oil minister Khaled al-Falih said. “Consensus is building, but it is not done yet,” he told reporters on the sidelines of an industry event in Abu Dhabi on Thursday. “We are still in consultations.” His comments reflect growing intent within the group to extend a deal which saw Opec countries and those outside of the cartel such as Russia agree to cut their output by around 1.8m barrels a day in the first six months of 2017."

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