Oil Rebounds After Saudi Energy Minister Talks Up OPEC Cut Extension

Global oil prices rebounded firmly Thursday, following the biggest single-day decline in more than month, after Saudi Arabia’s Energy Minister said OPEC members could potentially agree to extend their production cuts beyond the agreed June deadline.

 Speaking to reporters in Abu Dhabi, Khalid al-Falih said there is a “building consensus” among OPEC members to extend the production cuts which, along with non-members including Russia, have taken 1.8 million barrels of crude from the market each day. The Minister said that no agreement had been reached, but repeated his view that “the consensus is building”.
“We have a noticeable increase in compliance from non-OPEC, which shows the importance of extending the agreement,” said Kuwait’s oil minister, Essam al-Marzouq, in comments reported by Reuters. “Compliance from Russia is very good. Everyone will continue on the same level”…
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