On Thursday OPEC decided to extend oil output cuts by nine months to March 2018. The group is battling a global glut of crude and a sharp drop in the price of oil in the past three years. The cuts are expected to be shared by about a dozen nonmembers led by Russia, the top oil producer. OPEC has a self-imposed goal of bringing stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion. OPEC is also concerned about pushing oil prices too high, which would further spur U.S. shale production. OPEC members Nigeria and Libya will still be excluded from cuts as their output remained curbed by unrest.

"There have been suggestions [of deeper cuts], many member countries have indicated flexibility but ... that won't be necessary," Saudi Energy Minister Khalid al-Falih said. "We have seen a substantial drawdown in inventories that will be accelerated. Then, the fourth quarter will get us to where we want."