Kuwait's oil minister would back extension of OPEC production cut

In an interview with state news agency KUNA on Tuesday, Kuwait’s oil minister Essam al-Marzouk sounded optimistic on the outcome of the OPEC output cut deal struck last Dec, further noting that his country supports extending the current OPEC deal beyond its June deadline, albawaba – a Middle East daily reported.

Key Headlines:

The results of the deal agreed by OPEC and non-OPEC members had been “very positive so far” and would bear fruit in the coming months

To “rebalance the oil market process is not easy and requires more time and effort”

 The higher rise in US inventories than expected was to blame for the sharp decline in oil prices over the last week.