Saudi Arabia says all ‘on board’ to extend oil cuts for 9 months

Saudi Arabia says all ‘on board’ to extend oil cuts for 9 months

All producers agree to extend crude output cuts by nine months to help trim a supply glut, according to Saudi Arabia’s energy minister, Bloomberg reports.

The 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 month of this year, and the decision to extend the cuts will be taken when they meet in Vienna at the end of the month, Al-Falih said.

“We think we have everybody on board,” Al-Falih said in an interview with Bloomberg television in Riyadh on Saturday. “Everybody I’ve talked to indicated that nine months was a wise decision.”

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