Kuwait Urges Exporters to Cap Crude Production

Kuwait Urges Exporters to Cap Crude Production

Kuwait's Deputy Foreign Minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran.

"There is no choice but to freeze production," KUNA quoted Jarallah as telling Japanese news agency Jiji Press on Saturday while he and acting oil minister Anas al-Saleh attend a Kuwait-Japan business seminar in Tokyo, Reuters reported.

Asked about Iranian production policy, Jarallah said, "Iran should learn from the market ... The market does not give an opportunity to increase production."

OPEC members and other oil exporters failed in a meeting in the Qatari capital Doha on April 17 to reach an agreement on freezing their output to rebalance the global oil market.

Iran has refused to join the supply freeze initiative and the deal fell apart after Saudi Arabia insisted Tehran take part.

It refused to sit at the negotiating table before reaching its pre-sanctions crude output level of 4 million barrels a day.

The country's oil production and exports were cut to around 2.5 million bpd and slightly above 1 million barrels a day during the sanctions.

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