Kuwait oil minister: output cut deal helpful for markets, prices

April 17, 2018

The Kuwaiti oil minister said on Monday that the oil cut accord among the crude producers has helped in balancing the markets, improving the prices and slashing glut in global reserves.

The surplus in the global crude reserves has dropped to 50 million barrels, compared to 340 million barrels last year, said Bakhit Al-Rashidi, in a statement to journalists on margins of the Fifth Kuwait Oil and Gas Conference.
OPEC's meeting due in June will be an opportunity to revise the production deal that has been in effect since January 2017.
Stakeholders will re-examine markets conditions before the year-end to determine whether to extend the agreement after the current year.