Opec producers want to extend oil production cuts to December 2018
London — Opec’s largest producers signalled that they would extend their oil production cuts until the end of 2018 to finish the job of rebalancing an oversupplied market. Saudi Arabia, Iraq and Iran — the group’s top three by crude output — all said they wanted another nine months of supply reductions beyond the end-March expiry of their current deal, in which 10 nonmembers including Russia also participate. Even after an extension, the group would review the deal at its next scheduled meeting in June, said Saudi minister of energy and industry Khalid al-Falih. "My preference is to go for nine months," Falih told reporters at the opening session of the group’s meeting in Vienna on Thursday. "We will meet again in June and we look at not only how we have done in first half of the year, but also our outlook for third and fourth quarters of 2018 and act accordingly." Russia, the biggest producer outside the group to join the deal, also agrees that the cuts should last until the end of...
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