Kuwait calls for long-term OPEC, non-OPEC deal for oil prices’ stability

ALGIERS, Kuwait called Sunday for a new mechanism between OPEC and non-OPEC countries aimed at reaching a long-term agreement contributing to oil prices’ stability.

Minister of Oil Bakheet Al-Rashidi said cooperation between OPEC and non-OPEC countries “had positive impacts on (oil) markets’ stability.” Al-Rashidi, also Minister of Electricity and Water, was speaking to KUNA after a meeting of the Joint OPEC-non-OPEC Ministerial Monitoring Committee’s (JMMC), which approved full compliance with the June accord on cutting crude oil output.

He said he was “anticipating continuous cooperation between the OPEC and non-OPEC countries which is within the framework of joint confidence aimed at reaching a balanced oil market.” Now, he added, “we should start looking for a new mechanism to reach a final agreement between OPEC and non-OPEC countries to insure long-term oil market stability.” The OPEC producers and independent ones namely Russia agreed, at a meeting held in Vienna, Austria, in late 2016, on slashing the oil production by 1.8 million barrels per day.

Saudi Oil Minister Mohammad Al-Faleh told a news conference after the JMMC meeting said geo-political and geo-economic factors should be considered when talking about oil prices, citing conflicts among big countries.

Source: Kuwait News Agency