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Kuwait: Agreement on oil output cuts must satisfy all parties

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Dubai oil producers agree they need to do whatever is necessary to restore balance to the crude market but any decision on output cuts must satisfy all parties, Kuwait’s oil minister told state news agency KUNA on Tuesday.

“We agree on the need to do whatever is necessary to restore balance to the oil market and all options are open and are subject to discussion,” Kuwaiti oil minister Essam al-Marzouq told KUNA.

“But it must be an agreement that meets the satisfaction of everybody, and if necessary, it may be possible to increase the quantity that is cut, but it is too early to wade into this subject.”