Kuwait oil minister says expects extension of OPEC, non-OPEC deal

 20 Apr 2017 - 9:47

Kuwait oil minister says expects extension of OPEC, non-OPEC deal

Reuters

ABU DHABI: Kuwait's oil minister Essam al-Marzouq said on Thursday he expected a global pact to cut oil supplies to be extended beyond June, supported by higher compliance from non-OPEC producers.

"We have a noticeable increase in compliance from non-OPEC which shows the importance of extending the agreement," Marzouq told an industry event with other Gulf oil ministers including Saudi Arabia's energy minister Khalid al-Falih in Abu Dhabi.

"I expect we will have an extension of the agreement," he said, adding that talks among all oil producers were ongoing.

Falih, speaking at the same event, said there is "an initial agreement" that the oil cuts may need extending to drain high global inventories. He said more talks were needed.

"Our target is the level of inventories. This is the main indicator for the success of the initiative," Falih said.

OPEC meets next on May 25 to decide on output policy for the remainder of 2017.