Saudi OilMin: Consensus is that deeper cuts not needed now

Saudi Arabian energy minister Al-Falih is on the wires now, via Reuters, speaking on the side-lines of the OPEC meeting on oil output cut extension.

Key Headlines:

OPEC likely to extend for 9 months

Saudi will stick within production cut, still very committed to supply-cut deal

Consensus is that deeper cuts not needed now

9-month extension could be prolonged further if needed

OPEC has not yet developed exit strategy from supply deal

Sees June exports much less than customer demand

Inventory drawdowns will accelerate in Q3