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Kuwait’s oil minister rebuffs reported OPEC agreement on supply cuts

Kuwait’s oil minister rebuffs reported OPEC agreement on supply cuts
Kuwaiti oil minister Khaled Al Fadel

Mubasher: Kuwaiti oil minister Khaled Al Fadel on Friday dismissed reports on an agreement among members of the Organization of the Petroleum Exporting Countries (OPEC) on cutting their collective supply by 500,000 barrels per day to 1.7 million bpd as “mere suppositions.”

Talks among OPEC ministers to reach a consensus were still ongoing with his, Al Fadel told Kuwait News Agency (KUNA).

Recommendations by OPEC’s joint ministerial monitoring committee (JMMC) on production restraints will be presented in the seventh ministrial meeting between the producer club’s and non-affiliated producers.

In the current time, the agreement between OPEC and allied producers to reduce 1.2 million bpd, which spans to runs through to March 2020, is still in effect, Al Fadel said.