Kuwait ‘will commit’ to oil freeze only if all major producers take part

In this April 24, 2015 photo, pumpjacks work in a field near Lovington, N.M. Oil supply from the United States, Russia and other countries outside of OPEC is expected to drop sharply next year. (AP)

Kuwait will commit to a potential global oil production freeze only if major oil producers, including Iran, agreed to join the pact, the Gulf OPEC member’s acting oil minister said on Tuesday.

“If there is an agreement, Kuwait will commit to the freeze,” Anas al-Saleh told reporters in Kuwait city.

Asked what would happen if not all producers agreed to join in the freeze deal, he said: “I’ll go full power if there’s no agreement. Every barrel I produce I’ll sell.”

Kuwait is currently producing 3 million barrels of oil per day, he said.

OPEC leader Saudi Arabia and non-OPEC producer Russia, the world’s two largest oil exporters, agreed last month to freeze output at January levels to prop up prices if other nations agreed to join the first global oil pact in 15 years.

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46