Kuwait oil minister supports Saudi, Russia extension

Kuwait’s oil minister Essam Marzouk has expressed the country’s support for a production cut extension agreed by Saudi Arabia and Russia.

On Monday the world’s two largest oil producers agreed to a nine-month extension of productions until March 2018

Read: Saudi Arabia, Russia agree to extend oil output cuts until March 2018

The announcement was widely considered an attempt to bring other OPEC and non-OPEC producers, which agreed to a production cut last year, into line.

OPEC members will meet on May 25 to discuss an extension to the deal beyond its initial six-month period.

In a statement carried by state news agency KUNA, Marzouk expressed his support to “extend Vienna’s historic agreement for a period of nine months ending March 31, 2018”.

“The agreement aims to restore the balance between supply and demand, through restoring the level of the global oil inventories to the average level of the past five years,” he added.

The official further stated that the deal was aimed to restore balance between global supply and demand and expressed encouragement at the “positive signs” in April and May data showing a significant decrease in global oil reserves.