OPEC and other oil producers including Russia could exit from the global oil supply-cut agreement before 2019 in case the oil market is rebalanced by June.
“We still have a full year left in the agreement, but there is a possibility that we exit the cuts agreement before 2019 if the market is rebalanced by June,” Kuwait’s oil minister Essam al-Marzouq said. He added that Russia was pressuring its partners in the agreement to end it as soon as it is possible.
On November 30, OPEC and non-OPEC oil producers agreed to extend the oil output reduction agreement until the end of 2018. They also signaled a possible early exit from the deal if the market overheats.
According to the Kuwaiti government, the market would rebalance no sooner than the last quarter of 2018 and prices should remain at current levels next year.
