Investing.com - Remarks by Saudi and Kuwaiti officials Thursday raised hopes for output cut deal extension.
"I expect we will have an extension," Kuwait’s oil minister Essam al-Marzouq said.
OPEC and non-OPEC producers are cutting output by 1.8 mn bpd in the first half.
Despite the cuts, inventories remain high as U.S. output increases.
Marzouq noted increased compliance of non-OPEC producers with the cuts.
This shows the “importance of extending the agreement,” he added.
Saudi Oil Minister Khalid al-Falih said there was "an initial agreement" on the need to extend cuts.
"Our target is the level of inventories,” al-Falih said.
“This is the main indicator for the success of the initiative," he added.
OPEC, non-OPEC producers to discuss an extension of the deal on May 25.
WTI was up 0.59% at $51.15 at 04:45 ET after sharp losses overnight.
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