Intention at OPEC+ Meeting to Reach Agreement on Output Cut: Kuwaiti Minister

Kuwait’s oil minister said talks with countries attending an OPEC+ meeting are intended to move toward reaching an agreement to reduce production by 10 million-15 million barrels per day, Kuwait’s Al-Rai newspaper reported early on Thursday.

Minister Khaled Al-Fadhel said in an interview with the newspaper: “Through our continuous consultations the past weeks, I affirm that the intention is moving toward reaching an agreement to reduce production by a large amount ranging between 10-15 million barrels per day out of a production of 100 million barrels globally, to restore balance to markets and prevent further decline in prices during the coming period,” Al-Rai reported. OPEC and its allies will meet on Thursday to discuss a sharp fall in global crude oil prices.