Saudis say all 'on board' for extended oil output cut

London

ALL producers agree to extend crude output cuts by nine months to help trim a supply glut, according to Saudi Arabia's energy minister.

The extension through the first quarter of 2018 will help producers reach their goal of trimming global stockpiles to a five-year average, Khalid Al-Falih said. Opec and other global producers such as Russia had agreed to reduce production in the first six month of this year, and the decision to extend the cuts will be taken when they meet in Vienna at the end of the month, Mr Al-Falih said.