On Tuesday, Saudi Arabia’s energy minister reiterated intentions to do whatever is necessary to bring global oil inventories back to the five-year average. “We won’t stop halfway…and we won’t do anything that will shock the market,” he said. The Organization of the Petroleum Exporting Countries came to an agreement last year with several other major producers to curb oil output by 1.8 million barrels a day. As the cartel’s November meeting nears, some market participants expect to see another extension of the cuts past the first quarter of 2018. “We’re getting a lot of positive comments out of OPEC nations and mostly from the Saudis, which is a good sign,” said Peter Cardillo, chief market economist at First Standard Financial. Kinder Morgan’s construction project near Edmonton in Canada. Many also expect bullish trends in the U.S. to continue, as weekly storage data shows that the amount of crude in […]