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| 13 December, 2017

Kuwait says any exit from oil supply cuts to be gradual

OPEC's meeting in June would be an opportunity to review progress made in the deal that aimed to curb an oil glut: Minister

Kuwait Oil Tanker Company's new oil tanker Kazimah III sits in the Ahmadi North Pier in Kuwait in this file photo.

Kuwait Oil Tanker Company's new oil tanker Kazimah III sits in the Ahmadi North Pier in Kuwait in this file photo.

REUTERS/Stephanie McGehee
DAMMAM, Saudi Arabia - Kuwait's oil minister said on Wednesday the oil market was expected to rebalance towards the end of 2018 and any strategy to exit a deal on supply cuts between OPEC and non-OPEC oil producers would be gradual.

"Market fundamentals have improved significantly in the last few months due mainly to the successful implementation of the agreement, and they will remain strong over 2018," Bakheet al-Rashidi, Kuwait's newly appointed minister, said in a statement.

He said OPEC's meeting in June would be an opportunity to review progress made in the deal that aimed to curb an oil glut, allowing "all producers to decide about the steps that should be taken going forward." (Reporting by Rania El Gamal; Editing by Edmund Blair)

© Reuters News 2017