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Kuwait joins Saudis, Russia to seek oil-cuts extension into 2018

Kuwait has now declared its support to extend the oil production cap by OPEC and other global producers. At a joint press conference, energy ministers from Saudi Arabia and Russia recently called the extension necessary.

Photo: /ritzau/Nabil al-Jurani/Arkiv
BY WAEL MAHDI, BLOOMBERG

Kuwait joined Saudi Arabia and Russia in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles.

Extending the cuts at already agreed-upon volumes is needed to reach the goal of trimming global stockpiles to the five-year average, Kuwait's Oil Minister Issam Almarzooq said in an emailed statement on Tuesday.

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