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Kuwait’s oil minister expects stable oil market

Kuwait’s oil minister, Bakhit Al Rashidi, said on Wednesday that the global oil market was approaching stability based on the current oil production levels after the recent Opec and non-Opec agreement to boost output.
“It is clear today based on the current level of production that we are approaching a very stable stage … whether for the consumers or the producers,” he told reporters, adding Kuwait currently produces 2.8 million barrels per day.

An upcoming joint Opec and non-Opec committee meeting in Algeria, set for September 22-23, will review producers’ oil supply levels after Opec and others led by Russia agreed in June to raise output to cool the oil market.

Source: Gulf News

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