Oil producers call to roll over output cuts beyond JuneOpec members and other crude producers prolong their oil-production cuts strategy to re-balance the market and prop up prices.
It’s too early to decide on an extension of the output cuts, and Opec will take up that issue at its May meeting.
Non-Opec nations, including Russia, have reached compliance of 64 per cent, Kuwait Oil Minister Almarzooq said Saturday.
Kuwait this month became the first nation to call for extending the production cuts, with Oil Minister Issam Almarzooq saying inventories had grown more than expected.
“We are ready to support” an extension on the six-month deal, which took effect in January, Venezuela’s Oil Minister Nelson Martinez told reporters on Sunday before the meeting.
Oil producers meet on output cuts, possible rollover — News — Breaking News, Nigeria News and World News – The Guardian Nigeria
Bloomberg News reported that Venezuela, Oman and Iraq voiced support in Kuwait for a rollover of the cuts beyond June.
Non-OPEC producers led by Russia agreed in December to cut their own output to 558,000 bpd.
“We need to see conformity across the board,” to 100 percent, he told the opening session of the one-day meeting, which includes Russia, Venezuela, Oman, Algeria and Iraq.
The ministerial committee, of which non-OPEC Russia is co-chair, will also look into potentially recommending the output cuts deal be extended at a joint OPEC and non-OPEC meeting scheduled for May.
Marzouk said earlier this month that OPEC compliance to the cuts had exceeded the 100 percent target but non-OPEC conformity remained moderate at between 50 percent to 60 percent.
collected by :Mathio Rix