Global oil producers will be able to decide in November whether to extend their agreement on output cuts further beyond March 2018 or begin to phase it out from that date, Kuwaiti oil minister Essam al-Marzouq was quoted as saying on Wednesday.
OPEC is due to meet in November to discuss the issue. In remarks to Kuwait’s Al Rai newspaper, Marzouq said he expects Brent crude oil to hover between $50 and $55 a barrel through the end of this year.
“OPEC’s strategy is moving forward on the right track,” Marzouq was quoted as saying.
He also predicted that oil demand would increase in the current quarter while inventories would drop more than expected, Al Rai reported.
The minister said Hurricane Harvey in the United States did not have a major impact on oil prices.