DUBAI May 16 Kuwait supports a proposal by
Saudi Arabia and Russia to extend a global oil supply cut
agreement until March 2018, Kuwait's oil minister Essam
al-Marzouq said on Tuesday.
"The agreement aims to restore the balance between supply
and demand, through restoring the level of the global oil
inventories to the average level of the past five years,"
Marzouq said in a statement.
He added there were "positive indications" through data for
both April and May showing a "noticeable reduction" in oil
Saudi Arabia and Russia, the world's top two oil producers,
agreed on Monday on the need to extend output cuts for a further
nine months until March 2018 to rein in a global crude glut,
pushing up prices.
(Reporting by Rania El Gamal; Editing by Mark Potter)