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OPEC/non-OPEC coalition not ready to discuss crude oil output cut extension: Kuwait

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Kuwaiti oil minster Essam al-Marzouq said Thursday the OPEC/non-OPEC coalition was not ready to discuss extending its production cut agreement beyond its March expiry.

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Platts survey: OPEC Aug crude oil output 32.65 mil b/d, down from July on Libya outages

"Not at this time, no," he said on arrival in Vienna, when asked if the OPEC/non-OPEC monitoring committee meeting Friday would include consideration of any proposals to extend the cuts, noting that the coalition only extended the original agreement, which had been set to expire in June, in May.

"As I said, we are in the second month of the extension, so I do not think we are going to discuss any further extension right now," he said.

Marzouq said compliance with the cuts was "very good, better than last month".

The agreement calls on OPEC and 10 non-OPEC producers, led by Russia, to cut a combined 1.8 million b/d in supplies, to hasten the market's rebalancing.

The monitoring committee, which Marzouq chairs, is tasked with overseeing the deal and is slated to discuss compliance and review market conditions at its meeting Friday.

The committee also includes ministers from Algeria, Oman, Russia and Venezuela.

--Rosemary Griffin, rosemary.griffin@spglobal.com
--Herman Wang, herman.wang@spglobal.com
--Edited by Dan Lalor, daniel.lalor@spglobal.com