AKIPRESS.COM - Saudi Arabia's oil minister has spoken to countries including Norway, Turkmenistan and Egypt which have signaled a willingness to join oil output cuts, Kuwait's oil minister said on Tuesday.
"He has talked to several countries including Norway, including Turkmenistan, including Egypt, and they have made signs of their willingness to join the collaboration," Kuwait's oil minister Essam al-Marzouq said, referring to his Saudi counterpart Khalid al-Falih, Reuters reported.
The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in the first half of 2017.
The decision pushed prices back above $50 per barrel, giving a fiscal boost to major oil producers. But it also spurred growth in the U.S. shale industry, which is not participating in the output deal, thus slowing the market's rebalancing.
Oil prices fell 1 percent on Tuesday after U.S. President Donald Trump proposed to sell half of the United States' Strategic Petroleum Reserve (SPR) in the next 10 years as well as to speed up Alaskan exploration. The SPR sales would not start until October 2018 and would amount to just 95,000 bpd, or 1 percent of current U.S. output.