Kuwait Says OPEC To Discuss 6-, 9-Month Output Cut Extensions
KUWAIT, May 23 (Reuters) - Kuwait's oil minister said on Tuesday that global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine.
"We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months," Essam al-Marzouq told reporters before heading to Vienna for the Thursday meeting.
"From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months," he said, before adding: "For nine months not everybody (is) on board."
Asked whether deeper cuts were being considered, Marzouq said: "No."
He added: "We will see the results during the second half of this year and see how that will be affecting the overhang stocks, and we will decide later on."
Asked whether there was any appetite for deeper cuts, he said: "I don't think it is necessary right now."
Marzouq also said Saudi Arabia had talked to three oil producers which have not so far joined the cuts - Turkmenistan, Norway and Egypt - and all three had signalled willingness to join.
Kuwait is part of a joint OPEC/non-OPEC ministerial monitoring committee which also includes Algeria, Venezuela, Oman and Russia.
On the issue of choosing between a six- and a nine-month extension of cuts, Marzouq said: "We are going to discuss it in the monitoring committee and we will come up with a recommendation to the ministerial conference."
(Reporting by Ahmed Hagagy; Writing by Sylvia Westall; and Andrew Torchia)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension