Saturday, August 19, 2017

Kuwait calls for extension on OPEC output cuts

14 March 2017
Kuwait has called for Organisation of Petroleum Exporting Countries (OPEC) to extend the current agreement on oil production cuts beyond the end of June.

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.