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| 15 October, 2017

Kuwait oil minister says market moving in right direction

Kuwaiti Oil Minister Essam al-Marzouq speaks during a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017.

Kuwaiti Oil Minister Essam al-Marzouq speaks during a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia July 24, 2017.

Reuters/Anton Vaganov

The oil market was moving in the right direction and it was too early to decide on extending the OPEC-led supply cut pact now, says Essam al-Marzouq


KUWAIT - Kuwait's oil minister Essam al-Marzouq said on Sunday that the oil market was moving in the right direction and it was too early to decide on extending the OPEC-led supply cut pact now.

"It is still too early, we should not make such a decision before November ... yes we are in the right direction," al-Marzouq told an industry conference in Kuwait.

"We have seen reduction in surplus of stocks, we have seen improvement in prices, I think everybody should be happy with the result ... my opinion is we should focus on compliance rather than on whether to extend."

OPEC meets next in Vienna on Nov. 30 to decide on output policy. (Reporting by Ahmed Hagagy; writing by Rania El Gamal. Editing by Jane Merriman)

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