Oil gained in early Asian trading after Saudi Arabia said OPEC and other global producers will agree to extend supply cuts until March next year.
* An extension through the first quarter of 2018 will help producers reach their goal of trimming global stockpiles to a 5- year average, Saudi Arabia’s Energy Minister Khalid Al-Falih says Sunday.
Continuation with the same level of cuts, plus potentially adding one or two small producers if they wish to join, will be more than adequate to bring the balances to where they need to be by the first quarter of 2018,” Al-Falih says at a news conference in Riyadh
OPEC scheduled to meet in Vienna May 25
Source: Bloomberg Pro Terminal
Trader I. Ivanov
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