Kuwait says producer co-ordination could stabilize oil prices

Kuwait said on Sunday that an agreement on coordination between major OPEC and non-OPEC oil producers at a meeting in Doha in mid-April would help stabilise crude prices.

#Kuwait wants #OPEC, non-OPEC #oil cooperation
“That will certainly help stabilize prices.”https://t.co/aDFFLhfxJ7 pic.twitter.com/NJsZ8Wawuv

— Christopher Johnson (@chris1reuters) April 3, 2016

Anas al-Saleh, the country’s acting oil minister said that coordination between major producers in OPEC and non-OPEC countries will certainly help stabilise oil prices.

“We believe that a common agreement on a positive stand will serve (oil) market stability,” he added.

Saleh also said that Kuwait will attend a highly anticipated meeting in Qatar where major oil producers will discuss freezing oil production to address the current slump in oil prices.

So far, 12 countries have agreed to attend the meeting on April 17 including world’s top crude producers, Russia and Saudi Arabia.

The United Arab Emirates, non-OPEC Oman and Bahrain, Nigeria, Algeria, Venezuela, Indonesia and Ecuador will also attend.

All 13 OPEC members in addition to major non-OPEC producers have been invited to the talks.

Oil prices have plummeted more than 60 percent since mid 2014.

AFP