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The Saudi energy minister said on Monday it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts, but a meeting next month would be key. A joint OPEC and non-OPEC ministerial committee known as the JMMC is due to meet in May. Saudi Arabia and Russia are members of the panel, which includes other major oil producers that took part in a global supply-cutting agreement last year, such as Iraq, the United Arab Emirates, Kuwait, Nigeria and Kazakhstan. "JMMC will be a key decision point because we will certainly by then know where the consensus view is and, more importantly, before we ask for consensus, we will know where the fundamentals are pointing," the Saudi minister, Khalid al-Falih, said. "I think May is going to be key," he added. Oil inventories remain higher than average but the market is on its way towards rebalancing, Falih added. "I don't think we will need (to do more) ... the market is on ...