Oil cuts working, market in balance by end-March: Kuwait minister

19 Jul 2017   OPEC

The world oil market is taking longer than expected to rebalance but the glut should go by the end of March and OPEC need not take further action to curb supplies for now, Kuwait’s oil minister said. Essam al-Marzouq also told Reuters there was no need for the Organization of the Petroleum Exporting Countries to hold an extraordinary meeting before its scheduled gathering in November because OPEC-led supply cuts were “working well”. OPEC and 11 non-OPEC states have cut output by 1.8 million barrels per day (bpd) since January. The curbs, which were initially due to run for the first half of 2017, were extended to March 2018 in a bid to cut oversupply and lift prices. “We are in the first two weeks of the extension period. It is too early to say now what I will do in November,” Marzouq said in an interview […]

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