Kuwait Joins Saudis, Russia to Seek Oil-Cuts Extension Into 2018
20 May, 2017, 03:52
Kuwait joined Saudi Arabia and Russian Federation 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.
OPEC estimated last week however, that commercial inventories in OECD countries were still 276 million barrels above the five-year average benchmark.
The world's oil stockpiles increased only slightly in the first quarter and are set to decline in the second as demand picks up seasonally and OPEC constrains output, the IEA said Tuesday in its monthly report. Prices on the market will change sharply, should the agreement be reached.
This is while global oil supply fell by 140,000 barrels per day in April as non-OPEC, and especially Canada, pumped less, according to the IEA estimates.
The Kuwaiti minister said there were already positive signs emerging to support stronger crude oil prices, days before parties to the agreement meet in Vienna to consider a formal extension.
Saudi oil minister Khalid al-Falih said Monday the deal extension would have the same volume allocations that were included in the December agreement. "There are no fast solutions to end this situation, and the only solution possible is to let oil prices work their way" to clear the oversupply, Al-Husseini said from the Saudi city of Dhahran.
The West Texas Intermediate for June delivery lost 0.19 US dollar to settle at 48.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 0.17 dollar to close at 51.65 dollars a barrel on the London ICE Futures Exchange.
Brent futures were up 4 cents, or 0.1 percent, at $51.86 a barrel by 11:32 a.m. EDT.
A report published Tuesday by the International Energy Agency found the global market for oil was "almost balanced".
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