Kuwait Backs OPEC Supply Cuts

Kuwait will back efforts made to restore balance to the world's oil markets and eliminate a supply surplus, expecting a deal extending production cuts during the coming OPEC and non- OPEC producers' meeting, due in Vienna on May 25, Kuwaiti Minister of Oil, Electricity and Water said. Essam al-Marzouq has reaffirmed in a statement issued by the Kuwait Petroleum Corporation his country's commitment to a deal deepening the supply curbs by the world's major oil producers, Trade Arabia reported. According to a deal concluded in Vienna last year, OPEC members are committed to cutting production by around 1.2 million barrels per day, while non-OPEC producers decided to reduce output by 600,000 bpd, effective in the first half of this year. The level of commitment to the deal has been "unprecedented", the Kuwait News Agency quoted the minister as saying. He expected the efforts made in this regard to bear fruits with the decline in global crude stocks over the coming months.