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General Agreement among Oil Producers to Extend Output Cuts Deal

Source: KUNA 11/29/2017, Location: Middle East

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Kuwait Oil Minister Essam Al-Marzouq said Tuesday a ministerial market monitoring committee would examine oil output levels for October and producers' commitment to production cuts, then refer recommendations to an OPEC meeting.

Ministers from OPEC and non-OPEC will thoroughly discuss whether to extend production cuts or not, said Al-Marzouq, also Minister of Electricity and Water.

Any decision will serve interest of the oil producers and consumer, and maintains oil market stability, Al-Marzouq told KUNA following his arrival in Vienna for the meetings.

He however said there was a general agreement among the 24 signatories to extend the production cut agreement following its expiration end of next March. Al-Marzouq said non-OPEC Russia would join the ministerial meeting.

Meanwhile, Iraqi Oil Minister Jabbar Al-Luaibi told KUNA Baghdad supported the production cut agreement. He said Iraq was satisfied with the current oil prices .

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