Kuwait oil minister says market moving in right direction

Kuwait’s oil minister Essam al-Marzouq says focus must be on compliance rather than on whether to extend supply cut pact. (File photo: AFP)

Kuwait’s oil minister Essam al-Marzouq said on Sunday that the oil market was moving in the right direction and it was too early to decide on extending the OPEC-led supply cut pact now.

“It is still too early, we should not make such a decision before November ... yes we are in the right direction,” al-Marzouq told an industry conference in Kuwait.

“We have seen reduction in surplus of stocks, we have seen improvement in prices, I think everybody should be happy with the result ... my opinion is we should focus on compliance rather than on whether to extend.”

OPEC meets next in Vienna on November 30 to decide on output policy.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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