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Kuwait Says OPEC May Decide on Extending Cuts in March 2018

  • OPEC may meet in March to discuss prolonging cuts: Kuwait
  • Producers still not decided on what to do next: Venezuela
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IEA Says OPEC May Not Dramatically Impact Oil Supply

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OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minster said.

The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a joint news conference with his Venezuelan counterpart in Kuwait City. OPEC may meet in March to consider prolonging the cuts it pledged to make, along with major suppliers including Russia, in an effort to stem a global glut, he said.