Kuwait affirms its commitment to the OPEC-led oil production cuts put in place to increase prices, Minister of Oil Bakheet Al-Rashidi has announced, WAM (Emirates News Agency) reported.
The minister made the statement to the Kuwait News Agency (KUNA) after the eighth meeting of the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC).
All countries taking part in the meeting have declared their continuing support for the agreement, Al-Rashidi noted.
Saudi Arabia spearheaded OPEC’s coalition with Russia and other non-OPEC countries to help reduce oversupply when oil prices collapsed to below $30 a barrel in 2016, compared to above $100 a barrel in 2014.
Saudi Arabia announced on March 26 that Riyadh and Moscow were in talks regarding the extension of the agreement, Crown Prince Mohammed bin Salman announced.
“We are working to shift from a year-to-year agreement to a 10-to-20-year agreement,” Salman told Reuters in an interview in New York. “We have agreement on the big picture, but not yet on the detail,” he added.
Crude prices have since recovered to roughly $70 a barrel but continue to face pressure due to US shale output.