Oil producers 'might have to' extend output cuts: Saudi Oil producers 'might have to' extend output cuts: Saudi

Saudi Arabia's energy minister said today that oil-producing countries might have to extend output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market.

"We might have to extend in order to reach the target...of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day. Falih, whose country is the world's top exporter, said there was a sort of "initial agreement " on the need to extend the deal after talks in Kuwait last month.