Kuwait oil minister echoes cut deal compliance

Kuwaiti oil minister Khaled Al-Fahdel Wednesday restated his country's compliance with an oil production cut agreement concluded by The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members.

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 Speaking to Kuwait News Agency (KUNA) upon arrival in Vienna to attend the 177th Meeting of the OPEC Conference, the Kuwaiti minister stressed that it is important to ensure a balanced global oil policy.

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He said the agenda of the meeting due on Thursday will involve several issues, mainly deepening oil production cuts, reaffirming Kuwait's eagerness to keep oil markets balanced in a way that serves the interests of producers and consumers alike.

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The Kuwaiti minister believed that $60-70 price per oil is fair to producers and consumers, underlining that it is necessary to maintain stable prices and fend off fluctuations.

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OPEC will meet on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.

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OPEC+ has been trying to curtail oil output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in OPEC output cuts.

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Hammered out in July, the current output cut deal expires in March 2020 and is expected to be extended at least until June.