Kuwait supports stability, balance of oil markets

Kuwait City, June 28 (IANS) Kuwait supports all efforts aimed at restoring stability and balance of the oil markets, Kuwaiti Minister of Oil, Electricity and Water Khaled Al-Fadel said on Thursday.Kuwait will support extending the agreement of slashing crude oil output till the end of 2019 at the upcoming ministerial meeting of the Organisation of the Petroleum Exporting Countries (OPEC) next month, the Xinhua news agency quoted him as saying.Kuwait hopes that this approach will be helpful in improving the market basic factors, also with respect to trimming the crude glut, he added.Kuwait totally adheres to its commitment to slashing the output according to the set quota, he said, hoping that the other state parties of the deal would adhere to their quotas.OPEC is scheduled to hold the 176th ministerial meeting in early July in Vienna to take a decision on production slash.
--IANS rs