Saudi Arabia says some oil producers have reached deal to extend cuts

Oil ministers from Oman and Saudi Arabia have confirmed that oil exporting nations have decided on a preliminary deal to extend the production cap that took effect in January.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Gulf Arab oil producers have reached an agreement about a possible extension of output cuts beyond June to reduce stockpiles of crude, Oman's oil minister said. His Saudi Arabian counterpart confirmed that producers arrived at an initial deal on prolonging the cuts.

Gulf Cooperation Council countries agreed to push for an extension in a meeting on Wednesday, Oman Oil Minister Mohammed Al Rumhy said in an interview in Abu Dhabi. The GCC states are OPEC members Saudi Arabia, Kuwait, Qatar and the United Arab Emirates, in addition to Oman and Bahrain. GCC states are participating in a global six-month agreement to reduce oil output that took effect in January.

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