Riyadh – Mubasher: Saudi minister of energy Khalid Al-Falih said that extending the supply cut deal until next March, and adding one or two small producers to the pact, would reduce oil inventories, Reuters reported on Sunday.

"We believe that continuation with the same level of cuts, plus eventually adding one or two small producers, if they wish to join, will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter of 2018," Al-Falih added.

On Saturday, the minister noted that OPEC has been urging other producers to join the supply pact, including Turkmenistan, Egypt, and Indonesia.

The OPEC members are scheduled to meet on 25 May to discuss the extension of the supply cut agreement.