Comments from oil minister Novak
– Expects market to reach balance in late 2017 or early 2018 if global oil cut deal extended
– No change in oil output forecast for 2017, will wait for outcome of Vienna OPEC meetings
At this point, an extension sounds like a done deal and it’s probably priced into market. The intrigue on May 25 will be whether supply is cut further or the cuts extended longer.
