Kuwait oil min: exit strategy of global cuts to be discussed before June - Reuters
|Kuwait's oil minister Essam al-Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil output cut deal.
"There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June", he said.
However, the major producers are still not on the same page regarding the exit strategy. Last week, Russian Energy Minister Alexander Novak said that it was too early to talk about a possible exit from the global deal to cut oil production, and the eventual withdrawal from the agreement should be gradual.
Novak added that the process of exiting the deal may take three to six months, depending on the state of the oil markets then and on the scale of oil demand.
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