Kuwait expects an extension to the OPEC/non-OPEC output cut deal

Author: Mike Paterson | Category: News

Kuwaiti oil minister on the wires 20 April

  • talks still on-going
  • there is a noticeable increase in compliance from non-OPEC with output cut pact

Not enough that there is a need for extension to the original time period though it would appear.

25 May the next meeting.

Elsewhere: Saudi Arabia energy min says:

  • we didn't reach target to bring down global inventories yet

 the Qatar oil min says:

  •  they expect 2017 global oil demand growth between 1.2-1.4m bpd        

 and the UAE energy min says:

  • return of shale oil will not be a threat but will slow down rebalancing of market

WTI currently $ 51.17 and Brent $53.28 both steady after yesterday's falls.