The hottest oil minister of Kuwait stabilizes the

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Kuwait Oil Minister: oil prices stabilize and rebalance by the end of March next year

Kuwait Oil Minister: oil prices stabilize and rebalance by the end of March next year

July 20, 2017

[China paint information]

Kuwait oil minister Essam al Marzouq said that the oversupply situation should end by the end of March next year. At present, OPEC does not need to take further action to curb supply for the time being

Marzouq also told Reuters that due to the "good progress" of the production reduction efforts led by OPEC, the organization did not need to hold a special meeting before the scheduled meeting in November

"we are only in the first two weeks of the extension period. It is too early to say what I will do in November. Generally, waste plastic recycling can be divided into simple recycling and composite recycling," he said in an interview in the capital of Kuwait

he said that OPEC should "first see what will happen, at least in the next few weeks until the end of July, to see the implementation of production reduction and its impact on inventory"

he believes that the global inventory will not decrease significantly in the first half of 2017. "We have been paying attention to the situation in the second half of this year," he said, noting that the demand for summer driving season in the United States has increased

these materials include 3D printing wires, plastic bottles, zippers and fishing lines. Data released by the National Energy Information Association on Wednesday showed that U.S. crude oil inventories decreased by 7.6 million barrels in the week ended July 7, the largest decline since the week ended September 4 last year

although the output of Nigeria and Libya increased, Marzouq pointed out that the output of OPEC was still within the target level of 32.5 million barrels per day. The 13 OPEC countries that initially participated in the production reduction undoubtedly had an average output of 32.4 million barrels per day in June

the ministerial joint Supervisory Committee (jmmc) led by Kuwait is responsible for inspecting the implementation of the production reduction agreement by various countries, and can, if necessary, 4 Reinforcement welding and acceptance specification JGJ 18 ⑵ 003 to suggest OPEC and other oil producing countries to adjust the production reduction agreement

the committee will meet in St. Petersburg, Russia, on July 24, when Kuwait will meet with the oil ministers of Saudi Arabia, Russia, Algeria, Venezuela and Oman

marzouq said it was too early to talk about whether to recommend adjusting the production reduction agreement or limiting the production of Nigeria and Libya

he pointed out that oil prices have begun to stabilize between $45 and $50, and will be boosted in the coming months as inventories decline

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