Kuwaiti Oil Minister Khaled Al-Fahdel Wednesday restated his country’s compliance with an oil production cut agreement concluded by OPEC and non-OPEC members. Speaking to 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. He said the agenda of the meeting due on Thursday involves a bevy of 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.
The Kuwaiti minister believed that a USD-60-70 price per oil is fair to produces and consumers, underlining that it is necessary to maintain stable prices and fend off fluctuations. Al-Fadhel is in Vienna to partake in several OPEC meetings, along with a meeting between OPEC and non-OPEC officials.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. 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. Hammered out in July, the current output cut deal expires in March 2020 and is expected to be extended at least until June.