Kuwait Minister of Oil Essam Al-Marzouq said Tuesday there was an agreement among OPEC and non-OPEC oil producers to extend output cuts for another nine months, in yet another bid to shore up prices.
Al-Marzouq, also Minister of Electricity and Water, said a joint committee, which was chaired by Kuwait, that monitored oil production cuts would recommend extension of production cuts for nine months with same quantity approved in the past ministerial meeting.
He was speaking to KUNA following his arrival in Vienna to participate in OPEC’s ministerial meeting, and the second ministerial meeting between OPEC and non-OPEC oil ministers.
The two sides began a collective 1.8 million barrels per day (bpd) cut last January, boosting oil prices and decreasing surplus in oil stocks.
Al-Marzouq said he was optimistic that all sides would abide by the extension decision, expected to be confirmed in a meeting on Thursday.
He said extending the production cuts aimed at achieving a balance in the oil market.
Al-Marzouq said Kuwait supported the extension of the production cut, and hoped all producers abide by the agreement.
Source: NAM News Network