Kuwait supports all efforts aimed at restoring stability to the global oil market, a Kuwaiti official said on Tuesday.
Khaled Al-Fadhel, Kuwait’s Oil Minister, made the remarks ahead of his departure to Vienna for a meeting of the Organization of the Petroleum Exporting Countries (OPEC).
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The meeting will also hammer out the best strategy possible to restore stability and balance to the global oil market, he noted.
The spread of the coronavirus around the world has sent shockwaves through the global oil market, which is underprepared to deal with the economic ramifications, he added.
As a key member of OPEC’s monitoring committee, Kuwait is fully committed to stability and balance in the global oil market, he stressed.
The OPEC and its allies are scheduled to meet in Vienna on March 5-6.
Last December, the OPEC+ group agreed to deepen production cuts by an additional 500,000 barrels a day, bringing the total cuts to 1.7 million barrels daily.
The OPEC, Russia and other producers have been largely limiting oil output in recent years in order to boost prices.
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