Kuwait says further output cuts are not needed – Reuters

Kuwait’s Oil Minister Essam al-Marzouq told Reuters in an interview published yesterday that though oil market rebalancing is taking longer than expected, the oversupply should be cleared by next March and the cartel does not require implementing additional cuts for the time being.

Key quotes

We are in the first two weeks of the extension period. It is too early to say now what I will do in November

The cartel has to “wait and see what happens, at least in the next couple of weeks until the end of July, to see the compliance data and the effect on the stocks

We are confident that rebalancing in the oil markets has already started. We expect a positive impact on the market by the end of the first quarter of 2017

It is too early to talk of possibly capping rising Nigerian and Libyan oil production