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Kuwait minister says expects nine-month extension to OPEC-led oil output cuts
May 25, 2017 / 8:45 AM / 6 months ago

Kuwait minister says expects nine-month extension to OPEC-led oil output cuts

VIENNA (Reuters) - Kuwaiti Oil Minister Essam al-Marzouq said on Thursday he did not expect OPEC oil producers to discuss any deepening of their oil output reduction target at a meeting where extending the length of the deal is on the agenda.

Marzouq told reporters ahead of the meeting that the oil market had already absorbed a rise in shale oil output and that he expected a nine-month extension to the agreement that has seen 22 oil producers target a reduction of 1.8 million barrels per day for the first half of 2017.

Reporting by Vladimir Soldatkin; editing by Jason Neely

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