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Saudi Arabia says oil curbs could extend beyond end of 2017

OPEC's deal to cut the output of crude oil will most likely be extended into the second half of 2017 and possibly beyond, says Saudi Arabia's oil minister.

Photo: Nabil al-Jurani/AP/Polfoto/Arkiv

Saudi Arabia's oil minister said he is confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.

While U.S. shale output growth and the shutdown of refineries for maintenance have slowed the impact of cuts by OPEC and its partners, producers are determined to reach their goal of reducing bloated stockpiles, Khalid Al-Falih said at the Asia Oil and Gas Conference in Kuala Lumpur on Monday. He said he’s confident the global oil market will soon rebalance and return to a "healthy state."

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