Kuwait calls for extension on OPEC output cuts
Kuwait’s Oil Minister Issam Almarzooq said an extension will ‘‘accelerate the rebalancing of the global oil market.”
The minister’s comments come as oil struggles to stay above $50 a barrel, following last week’s 9 per cent drop.
Brent Crude is trading around $51 a barrel, while US crude is hovering just above $48.
Kuwait’s the first OPEC member to call for an extension.