A decision by OPEC to cut an additional 500,000 barrels of oil a day from the global market is likely to create a positive ripple effect on oil prices, according to a Kuwaiti minister.
Kuwait’s national news agency, KUNA, reports that a thaw in the US trade war with China, coupled with the major consequences of Brexit, have helped restore stability to oil prices well into next year, according to Oil Minister Dr Khaled Al-Fadhel, following talks involving the Organisation of Arab Petroleum Exporting Countries (OAPEC).
On a gas export deal with Iraq, the minister said the agreement has reached its ‘first phase’, and will come into effect “once joint feasibility studies are completed”.
At the same time, he added that talks are ongoing between Kuwait and Saudi Arabia pending an agreement on the resumption of oil output in a “divided zone” between the two Gulf neighbours.
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