Oil producing nations aim to reduce oil supply glut that sent crude prices crashing by cutting production
Kuwaiti Oil Minister Essam al-Marzouk said Sunday the international crude market is expected to rebalance in the fourth quarter of 2018 after producers extended a deal to curb output.
Speaking on the sidelines of a meeting for the oil ministers of the Organisation of the Arab Petroleum Countries (OAPEC), Marzouk also said oil prices would maintain at "current levels".
Producers from OPEC and non-OPEC members agreed on November 30 to extend a deal to cut output by 1.8 million barrels per day (bpd) until the end of 2018.
The producing nations aim to reduce an oil supply glut that sent crude prices crashing.
As a result of the curbs, oil prices have doubled since dipping under $30 a barrel in early 2016.
Marzouk said OPEC would hold a crucial meeting in June to "review the production cuts deal... and the possibility of preparing a study to exit the output curbs."
A Kuwaiti-chaired ministerial committee monitoring the market and compliance of the cuts would hold meetings every two months to assess the situation, the minister said.
Iraqi Oil Minister Jabbar al-Luaibi has said he expects oil prices to remain around $60 a barrel.
He said that Iraq's production would hit five million bpd in the first quarter of next year.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.