Kuwait: Oil producers likely to extend oil output reduction for six months

Kuwaiti Oil Minister, Essam Al-Marzouq, said there is almost consensus on reducing petrol exports amongst petrol producing countries for at least six more months.

Earlier this year, OPEC members and independent producers began to reduce production by 1.2 million barrels and 558,000 bpd, respectively, for a six-month period due to end in June in a bid to restore stability to world oil markets.

“There are many options under study regarding the extension of the production reduction agreement,” Al-Marzouk said.

Read: Kuwait supports OPEC agreement extension to cut oil production

He added that his country supports all efforts aimed at re-balancing the oil market, stressing: “Kuwait’s full commitment to the oil reduction agreement”.

“The commitment level of the participating countries to reduce production over the past months was unprecedented,” and Kuwait strongly backs efforts to extend the “historical” deal.

The Kuwaiti minister said the official announcement of the extension of the agreement will be made during the next ministerial meeting between OPEC and independent producers on 25 May in the Austrian capital, Vienna.