61485
Kuwait Willing to Extend Oil Cut Deal
Kuwait Willing to Extend Oil Cut Deal

Kuwait Willing to Extend Oil Cut Deal

Kuwait Willing to Extend Oil Cut Deal

Kuwait will support the extension of a global deal to cut oil supply beyond June, the country's oil minister said on Monday as the market needs more time to rebalance. "Kuwait supports the extension of the deal beyond June ... as it will speed up rebalancing of the market and will help bring prices to acceptable levels for oil-producing nations and the industry in general," Essam al-Marzouq was quoted as saying by state news agency KUNA, Reuters reported. Marzouq said Kuwait would discuss with other oil ministers the possibility of extending the deal as "the rebalancing process is not easy and requires more effort and time". Preliminary data was very positive, Marzouq said, and showed that compliance in February had increased to 95 from 91%.  "There is a cut of 1.2 million barrels per day according to secondary sources," he said.  Marzouq said he was confident about the commitment to compliance by all countries that had agreed to the deal, which he said would pay off in the next few months.

Short URL : https://goo.gl/l9D8yk
  1. https://goo.gl/ORcCFe
  • https://goo.gl/60G6rI
  • https://goo.gl/zrddc8
  • https://goo.gl/rrebZb
  • https://goo.gl/QS8WC4

You can also read ...

Iran Has Found New Oil Customers: VP Jahangiri
New customers have been introduced for buying oil despite the...
India to Find Way to Pay for Iran Oil
India hasn’t worked out yet a payment system for continued...
Iran NIGC Studying Tenders for First Mini LNG Plant
The first small-scale liquefied natural gas plant will be...
Iranian MP Says Fuel Rationing Could Start in Next Fiscal
Given the huge difference between fuel prices in Iran and the...
New Gas Processing Units for South Pars Onshore Facilities
Two onshore natural gas sweetening trains in Phases 13 as well...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus