Saudi Arabia and Kuwait Oil Ministers Signal Possible Extension To Output Cuts

Oil

Saudi Arabia and Kuwait’s oil ministers have signalled that there is a building consensus for an extension of a 1.2M b/d oil production cut agreed last November for 1H17, newswires report. However, although Saudi Arabia’s Energy Minister Khalid al-Falih and Kuwait’s Oil Minister Essam al-Marzouq indicated that a number of countries were open to extending the six month agreement into 2H17 (including Russia), a final agreement is yet to be made. Compliance among OPEC members in 1Q17 has averaged 99%, according to the International Energy Agency.