Kuwait’s oil minister says premature to talk about exit strategy from supply cuts

14 Dec 2017   Kuwait, OPEC

Kuwait’s oil minister said on Thursday it was too early to talk about a strategy to exit the current OPEC and non-OPEC supply cutting pact. “It’s premature to talk about exit strategy. Any exit strategy in the future will surely be implemented in a smooth manner that will not disrupt the stability of the market and it will be on a gradual basis,” Bakheet al-Rashidi, Kuwait’s newly appointed oil minister, said in a statement. “The developments of market fundamentals will continue to be closely monitored by the Joint Ministerial Monitoring Committee (JMMC), in which the State of Kuwait is a leading member, to ensure that the target of re-balancing the market and restoring its stability is achieved,” he added. The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia agreed last month to extend oil output cuts until the end of 2018 to […]

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