Kuwait says expects extension of OPEC, non-OPEC oil deal

Posted April 20, 2017

"We have a noticeable increase in compliance from non-OPEC, which shows the importance of extending the agreement", Marzouq said. Marzouq said earlier on Thursday that he expected the deal to be extended beyond June.

Ministers from the Organization of the Petroleum Exporting Countries will convene at their Vienna headquarters for joint talks with non-OPEC oil ministers, sources said. Russian Federation pledged to cut production by 300,000 barrels daily.

OPEC agreed in late November to cut its production by 1.2 million barrels a day for six months, the first reduction agreed to by the cartel since 2008.

OPEC is keen that non-OPEC play its part in reducing world inventories to support a price rise that has stalled near $55 a barrel.

Speaking to reporters in Abu Dhabi, Khalid al-Falih said there is a "building consensus" among OPEC members to extend the production cuts which, along with non-members including Russian Federation, have taken 1.8 million barrels of crude from the market each day.

OPEC ministers have said their aim with the production cuts is to bring inventory levels down to the five-year average. Crude is up from lows a year ago below US$30.

"The number of countries that are supporting the extension I think would be quite high, percentage-wise", Rumhy told reporters.