• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 9 hours Saudi Fund Wants to Take Tesla Private?
  • 10 hours Starvation, horror in Venezuela
  • 14 hours Is NAFTA dead? Or near breakthrough?
  • 14 hours Are Trump's steel tariffs working? Seems they are!
  • 13 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 11 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 hour China goes against US natural gas
  • 4 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 5 hours Film on Venezuela's staggering collapse
  • 9 hours Corporations Are Buying More Renewables Than Ever
Alt Text

Nigeria’s State Owned Oil Company To Go Public

Nigeria's state owned oil company…

Alt Text

Iran Sanctions Could Backfire On U.S. Drillers

After the U.S. announced new…

Alt Text

Is Mexico Set To Boost Oil Output?

Mexico’s president-elect is determined to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Kuwait: Deeper Cuts Are On The Table

Rig

OPEC is committed to restore the balance of the oil market and is not ruling out any option for discussion at the upcoming meeting on Thursday, including considering deeper cuts, Kuwait’s Oil Minister Essam al-Marzouq said in an exclusive interview with Kuwait News Agency (KUNA) published on Tuesday.

“All options are on the table and could be discussed. However, any agreement should be satisfactory for all parties. And if necessity arises, we could increase the output cut. But it is premature to talk about that now,” the minister told KUNA.

Kuwait was one of the first OPEC producers to support the Saudi-Russian proposal to roll over the cuts for another nine months until March 2018.

Speaking to KUNA, Al-Marzouq said today that Kuwait fully supports the extension of the deal for nine months, as well as all efforts aimed at rebalancing the global oil market.

“All indications so far, show that most countries, if not all, back the extension of this agreement,” the minister told the Kuwaiti news agency.

Although signs and hints from OPEC producers point to support for a rollover of the cuts, not all members have voiced support for a nine-month extension.

Al-Marzouq also told KUNA that four other non-OPEC countries—Egypt, Norway, Turkmenistan, and Indonesia—could join the output cuts. Related: Oil Prices Rise As Saudis Discuss OPEC Deal Extension With Iraq

Norway’s petroleum and energy ministry, however, said it had no plans to reduce output.

“The Ministry has a good dialogue with other countries about the oil market. We are not in a situation in which regulating production is on the agenda for Norway,” Reuters quoted the ministry as saying in a statement.

While industry insiders expect Turkmenistan to possibly join the cuts, two weeks ago Egypt said that it would be attending the OPEC/non-OPEC meet this Thursday, but it would not be cutting production.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News