Weekend remarks from Saudi Energy Minister Khalid al-Falih, according to Russia's TASS news agency

  • Said further cuts to oil production output could be needed
  • OPEC and producers would assess the situation in July
  • "We have to see the market and I think by the end of June, in July we will see that the action we have taken has a big impact
  • "If for some reason we need to do more, we will consider doing more including ... bigger cuts."
  • "Nothing is off the table but today nothing is on the table either.

via Reuters

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  • (OPEC) and other oil-producing countries agreed last week to extend oil output reduction through to March 2018
  • The monitoring committee meets in Russia in July

Oil producers continue to try to support the price.