U.A.E., Kuwait Target June for Talks on Phasing Out Oil Cuts
- OPEC, allies can plan end to cuts if market improves: U.A.E.
- Cuts can halt before 2019 if market balances by June: Kuwait
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OPEC and allied oil producers can draft a strategy in June to end global output cuts if the market is no longer oversupplied by then, the U.A.E.’s energy minister said. Kuwait said the cuts may end before 2019 if the market is re-balanced by June.
The global agreement to limit production is making progress in re-balancing supply and demand for oil, though some excess inventories remain and more work is needed to remove them, United Arab Emirates Energy Minister Suhail Al Mazrouei told reporters on Monday at the Bloomberg Invest Abu Dhabi conference. Signs of growth in demand are a positive surprise, and an increase in U.S. shale output will be “moderate” next year, he said.