Algeria’s Energy Minister, Noureddine Boutarfa, announced the country’s support in extending global oil production cuts beyond June, Times of Oman reported.
According to the minister, the strategy is succeeding in reducing global inventories. “Stocks in Europe and Asia are diminishing, we will see them diminishing in the US as well and that will reassure the market,” he defended.
As informed by Bloomberg, other countries have also added their support for a possible extension of global oil-production cut, including Venezuela, and Iraq.
Earlier in March, Kuwait became the first nation to call for extending the production cuts, with Oil Minister Issam Almarzooq saying inventories had grown more than expected.
Ministers meeting in Kuwait late March will discuss the possibility of an extension of the cuts beyond June, even if that is not the monitoring committee’s role, according to Boutarfa.
The Organization of Petroleum Exporting Countries (OPEC) ministers will officially meet in May in Vienna to decide whether to extend the deal or not.