Kuwait’s Oil Minister Bakheet Al Rashidi has said the ongoing production cuts by a group of 24 countries, including members of the Organisation of the Petroleum Exporting Countries (OPEC), could be extended beyond the end of the year at an upcoming meeting in Vienna, in June, at OPEC’s headquarters, according to multiple media reports.
“In June, we will have a chance to meet and review the agreement,” Al Rashidi stated at an event in Kuwait City. “Market situations will determine if there will be a permanent agreement between OPEC and independent producers to enforce market stability,” he added.
Kuwait is one of six nations currently monitoring the implementation of the cuts, alongside Saudi Arabia, Algeria, Venezuela, Russia and Oman. A meeting will be held later this week in Jeddah, attended by delegates from these nations, to review the present production scale-back.
Last week, the UAE’s Minister of Energy and Industry Suhail Mohamed Faraj Al Mazrouei, also OPEC’s president of conference, hinted at a much longer tie-up for the 24 countries, while Iraq’s Oil Minister Jabar Al Luaibi, hinted the deal could be extended well into 2019.
The International Energy Agency’s most recent monthly report released a few days ago suggested global inventories, a major target of the cuts over the past 15 months, are now significantly reduced and nearing five-year averages.