August 22, 2018 / 7:11 AM / a year ago

Kuwait expects oil exporters to agree on mechanism to monitor supply

KUWAIT, Aug 22 (Reuters) - OPEC and other oil exporting countries are expected to agree before the end of the year on a mechanism to monitor their crude production, Kuwaiti Oil Minister Bakhit al-Rashidi said on Wednesday.

A committee set by the Organization of Petroleum Exporting Countries and allied non-OPEC exporters would review their crude output at a meeting in Algeria next month, he said.

“The production numbers of OPEC and (countries) outside OPEC will be reviewed at the meeting in Algeria, and before the end of the current year, there will be an agreement on a mechanism to monitor output next year,” he said.

Oil markets should “remain stable” until the end of the year, he said.

Reporting Ahmed Hagagy Writing by Maher Chmaytelli Editing by Edmund Blair

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