|Saudi Arabia and Kuwait said Thursday that consensus is growing among major oil producers that they should extend an agreement between OPEC and non-OPEC producers to cut oil supplies. “There is consensus building but it’s not done yet,” Saudi Energy Minister Khalid al-Falih said. Kuwait’s oil minister, Essam al-Marzouq, said he expected an extension of the six-month deal. “Russia is on board preliminarily,” he said. “Compliance from Russia is very good. Everyone will continue on the same level.” The news gave oil prices a lift. After a $2 drop on Wednesday, the U.S. benchmark West Texas Intermediate gained 48 cents, or 1 percent, early Thursday.
Source: Bloomberg, Reuters