Kuwaiti Oil Minister: OPEC Cuts May End Earlier Than Planned

12 Dec 2017   Kuwait, OPEC

To keep the air of mystery, or whatever remains of it after the November 30 Vienna Club meeting, Kuwait’s Oil Minister Issam al Marzouq yesterday said the cuts may end before the end of 2018. “We still have a full year left in the agreement, but there is a possibility that we exit the cuts agreement before 2019 if the market is re-balanced by June,” Al Marzouq said , adding that Russia was pressuring its partners in the agreement to end it as soon as it is possible. The minister was speaking to Bloomberg on the sidelines of an event of the Organization of Arab Petroleum Exporting Countries. Separately, at the same event, Al Marzouq said he expected the market to rebalance no sooner than the last quarter of 2018, in keeping with the extension that OPEC and its partners agreed to in Vienna last month. He added that […]

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