Saudi Arabia to extend oil output cuts - media

Saudi Arabia is likely to support extending OPEC output cuts into the second half of 2017 in an effort to boost oil prices, Bloomberg reported.

OPEC is scheduled to gather in Vienna on May 25 to discuss whether to roll over for another six months the 1.2 million barrels a day in production cuts it implemented in January. Several OPEC countries, including Kuwait, have expressed public support for an extension.

OPEC pledged to reduce output by 1.2 million barrels a day, with Saudi Arabia taking the bulk of the cuts. Russia, Mexico, Kazakhstan and several other non-OPEC countries agreed to cut output by nearly 600,000 barrels a day.