OPEC and allies will keep the oil production cuts through the end of 2018, and will discuss at their June meeting whether to extend those cuts further, Kuwait’s Oil Minister Bakheet al-Rashidi said on Monday. While a possible extension will be discussed when OPEC and the Russia-led non-OPEC partners part of the deal meet in June, a decision would not be made until later in 2018, according to the Kuwaiti minister, who was speaking at an industry event today. “The agreement will continue until the end of this year,” al-Rashidi said , adding that “it would depend on market conditions whether to extend this agreement beyond 2018 or to reach a permanent agreement between OPEC and non-OPEC to support market stability.” At the same event, the Kuwait Oil and Gas Summit, OPEC Secretary General Mohammad Barkindo said that OECD commercial oil stocks—OPEC and allies’ official target in the deal—had […]