Kuwait during OPEC’s meeting next month will support extending the agreement of slashing crude oil output till end of 2019, Minister of Oil, Electricity and Water Dr. Khaled Al-Fadel announced on Thursday. In a statement, the minister says Kuwait backs up all efforts aimed at restoring stability and balance to the oil markets, expressing hope that this approach will be helpful in improving the market basic factors, also with respect of trimming the crude glut.
Kuwait totally adheres to its commitment to slash the output according to the set quota, he said, hoping that the other states parties of the deal would adhere to their quotas. The ministerial commission for observing the production cut will hold a meeting to examine a recommendation by the technical committee with respect of examining all the influencing factors on the decision, namely current jitters due to possible economic growth sluggishness worldwide, along with the forecast impact on the demand in addition to the production by non-OPEC countries.
OPEC is scheduled to hold the 176th ministerial meeting in early July at the organization’s headquarters in Vienna to take a decision on production slash, effective between last January and June 30. The planned session will be followed with a ministerial meeting with representatives of 10 nonOPEC oil-producing countries. OPEC and non-OPEC crude producers reached a deal in December 2018, taking some 1.2 million barrels of oil off the market, in a step largely intended to bring up the crude prices.