Comments from oil minister Novak
- Expects market to reach balance in late 2017 or early 2018 if global oil cut deal extended
- No change in oil output forecast for 2017, will wait for outcome of Vienna OPEC meetings
- If the supply agreement is extended, he expects it will be at current levels
- It is expedient to extend deal for at least 6 months, maybe more
At this point, an extension sounds like a done deal and it's probably priced into market. The intrigue on May 25 will be whether supply is cut further or the cuts extended longer.
