Mubasher: Kuwait will support an extension of oil cuts led by the Organization of the Petroleum Exporting Countries (OPEC) beyond June, Kuwait’s governor to OPEC told Al-Qabas newspaper.

“There are many moving parts and elements in the equation that we need to closely monitor, both on the demand side and the supply side,” Haitham Al-Ghais said on the sidelines of the Middle East Petroleum & Gas Conference in Dubai.

In December 2018, the crude producer agreed with Russia on significantly slashing oil production in a bid to clear a global supply glut.

OPEC along with Russia and its allied producers would reduce crude output, in a deal known as OPEC+ Pact, by a collective 1.2 million barrels per day (bpd), as of 2019.

As for the macroeconomic factors potentially affecting oil demand, Al-Ghais cited the possibility of a hard Brexit, along with uncertainty over the outcome of the China-US trade talks.

On the supply side, he highlighted that escalating military tensions in Libya and uncertainty about US sanctions on major crude producer Iran and Venezuela cloud the outlook.

“For us as a group of producers, both OPEC and non-OPEC, we want to make decisions based on hard facts. We don't want to make any decisions based on speculation,” Al-Ghais, who doubles as Kuwait Petroleum Corp's manager for market research, said.