Saudi Arabia expects the likely extension of a deal among 24 oil producers cutting production will ease the global crude glut sufficiently by early 2018, Riyadh's energy minister said Thursday.

OPEC and other oil producers appear set to extend production cuts in an effort to shore up prices. But the hoped-for benefits could be short-lived.

That's due to U.S. shale producers. With prices above $50 from lows of last year, they are increasingly moving back into the market. Their output already is partially offsetting the cuts, and even more U.S. companies are poised to return if prices rise further.

Hong Kong on Thursday hit back at a decision by Moody's to cut its credit rating on the city, which the agency said was becoming increasingly close to mainland China.

The move was announced hours after the firm downgraded China for the first time in almost three decades citing concerns about its ballooning debt and slowing economic growth.

The European Central Bank said Wednesday that stress in the eurozone financial system had remained low over the past six months, but it warned of "significant" risks to that stability.

Moody's ratings agency downgraded China's credit score for the first time since 1989 on Wednesday on fears that the country will struggle to tame its rising debt as economic growth slows down over the coming years.

The agency lowered China's long-term local currency and foreign currency issuer ratings to A1 from Aa3, but said its outlook changed from "negative" to "stable".

Prime Minister Saad Hariri has given his official support to the 22nd edition of Project Lebanon, confirming the exhibition’s position as the largest business event in the country.

Under the patronage of President Michel Aoun, the 10th edition of Beirut Boat 2017 has been officially inaugurated at Beirut Marina by Tourism Minister Avedis Guidanian, on behalf of the President and in the presence of VIP delegates and members of the diplomatic community.

The deadlock in eurozone-IMF talks over Greek debt relief will not affect a vital loan payment needed to avert a July default, Athens said Tuesday.

Oil producers inside and outside the OPEC cartel have little choice but to extend their deal from late 2016 curbing output when they meet in Vienna on Thursday, analysts say.

French President Emmanuel Macron told Greek Prime Minister Alexis Tsipras in a call on Monday that he backed debt relief for Greece, a statement from the presidency said.