Oil: UAE Energy Minister says OPEC close to reaching agreement on extending production cuts

United Arab Emirates Oil Minister Al-Mazroui

• OPEC members close to reaching agreement on extending production cuts
• Says current oil inventories suggest curbs should remain in place
• OPEC's production deal should remain or be extended 'at least until the end of the year'

OPEC meeting coming up on June 25 and 26. Some what to expects:

• Goldman Sachs on oil, OPEC, Russia, Saudi. Hard road ahead for extension of output pact
• UBS
• Russia's Siluanov: If OPEC+ doesn't reach an agreement, oil price may fall to $40