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Kuwait calls for long-term OPEC, non-OPEC deal for oil prices' stability
September 24, 2018, 9:04 am

Kuwait called Sunday for a new mechanism between OPEC and non­OPEC countries aimed at reaching a long­term agreement contributing to oil prices' stability.

Minister of Oil Bakheet Al­Rashidi said cooperation between OPEC and non­OPEC countries "had positive impacts on (oil) markets' stability." Al­Rashidi, also Minister of Electricity and Water, was speaking to KUNA after a meeting of the Joint OPEC­non­OPEC Ministerial Monitoring Committee's (JMMC), which approved full compliance with the June accord on cutting crude oil output.

He said he was "anticipating continuous cooperation between the OPEC and non­OPEC countries which is within the framework of joint confidence aimed at reaching a balanced oil market." Now, he added, "we should start looking for a new mechanism to reach a final agreement between OPEC and non­OPEC countries to insure long­term oil market stability."

The OPEC producers and independent ones namely Russia agreed, at a meeting held in Vienna, Austria, in late 2016, on slashing the oil production by 1.8 million barrels per day. Saudi Oil Minister Mohammad Al­Faleh told a news conference after the JMMC meeting said geo­political and geo­economic factors should be considered when talking about oil prices, citing conflicts among big countries.

Source: KUNA

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