Opec signals oil supply cuts will be extended until end of 2018

Kuwait

OPEC'S largest producers signalled they would extend their oil production cuts until the end of next year to finish the job of rebalancing an oversupplied market.

Saudi Arabia, Iraq and 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 non-members including Russia also participated. 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.