Saudi Arabia, Kuwait signal likely extension of oil supply cuts

ABU DHABI Leading Gulf oil producers Saudi Arabia and Kuwait gave the clearest signal yet that OPEC plans to extend into the second half of the year a deal with non-OPEC producers to curb oil supplies.

Consensus is growing among oil producers that their supply restraint agreement should be extended after its initial six-month term, but there is as yet no agreement, Saudi Energy Minister Khalid al-Falih said on Thursday.

“There is consensus building but it’s not done yet,” he told reporters on the sidelines of a conference in the United Arab

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