Kuwait OilMin: All options are on the table - Reuters

Eren Sengezer FXStreet

Ahead of tomorrow's important OPEC meeting, a ministerial monitoring committee consisting of OPEC members Kuwait, Venezuela, Algeria and non-OPEC Russia and Oman met in Vienna on Wednesday. Following the meeting, Kuwaiti oil minister Essam al-Marzouq spoke to reporters, saying that all options were still on the table including the possibility of deepening the cuts or prolonging them by 12 months, as per Reuters reported.

Key quotes (via Reuters):

Several delegates and ministers including Algeria said they did not believe cuts could be extended to a full year
OPEC members Iraq and Algeria, as well as top non-OPEC producer Russia, also said they support a nine-month extension
The Organization of the Petroleum Exporting Countries meets formally in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members agreed to cut output by about 1.8 million barrels per day in the first half of 2017

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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