Kuwaiti oil minister says further production cuts are possible

Kuwait’s oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible.

Asked about the possibility of further cuts to support the price of crude, the minister said: “Everything is open.”

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in the Russian city of St Petersburg on Monday to discuss the pact on cuts, which was reached earlier this year.

Marzouq also told reporters that a technical committee of OPEC and non-OPEC countries had heard and was happy with reports from Libya and Nigeria, and that discussions would continue on Monday.