Kuwait expects oil market to rebalance in late 2018

File: Kuwaiti Oil Minister Essam al-Marzouk said on Sunday he believed oil prices would remain at current levels. Photo: Yasser Al-Zayyat / AFP

KUWAIT CITY - Kuwaiti Oil Minister Essam al-Marzouk said on Sunday the international crude market was expected to rebalance in the fourth quarter of 2018 after producers extended a deal to curb output.

Speaking on the sidelines of a meeting for the oil ministers of the Organisation of the Arab Petroleum Countries (OAPEC), Marzouk also said oil prices would remain at "current levels".

Producers from OPEC and non-OPEC members agreed on 30 November to extend a deal to cut output by 1.8 million barrels per day (bpd) until the end of 2018.

READ: Global stocks pressured by oil weakness, profit taking

The producing nations aim to reduce an oil supply glut that sent crude prices crashing.

As a result of the curbs, oil prices have doubled since dipping under $30 a barrel in early 2016.

Marzouk said OPEC would hold a crucial meeting in June to "review the production cuts deal ... and the possibility of preparing a study to exit the output curbs".

A Kuwaiti-chaired ministerial committee monitoring the market and compliance of the cuts would hold meetings every two months to assess the situation, the minister said.

Iraqi Oil Minister Jabbar al-Luaibi has said he expected oil prices to remain around $60 a barrel.

He said that Iraq's production would hit five million bpd in the first quarter of next year. 

AFP

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