Kuwait: OPEC to discuss 9-month output cut extensions

Kuwait’s oil minister said today that global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine.

“We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months,” Essam Al-Marzouq told reporters before heading to Vienna for the meeting.

“From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months,” he said, before adding: “For nine months not everybody [is] on board.”

Asked whether there was consideration of the idea of deepening the current cuts, Al-Marzouq said there was not.