Producer coordination would stabilise oil prices: Kuwait

12 countries have so far agreed to attend April 17 meeting

KUWAIT CITY, April 3, (AFP): Kuwait said Sunday that an agreement on coordination between major OPEC and nonOPEC oil producers at a meeting in Doha in mid-April would help stabilise crude prices.

“When there is coordination between major producers in OPEC and non-OPEC countries, it will certainly help to stabilise prices,” acting oil minister Anas Al-Saleh told reporters.

“We believe that a common agreement on a positive stand will serve (oil) market stability,” the minister said.

Saleh said Kuwait, OPEC’s fourthlargest producer, would attend the highly anticipated meeting in Qatar, where major producers are to discuss freezing oil production to address a supply glut that has driven down prices.

Qatar has said that 12 countries have so far agreed to attend the April 17 meeting, including the world’s top crude producers Russia and Saudi Arabia.

The United Arab Emirates, non-OPEC Oman and Bahrain, Nigeria, Algeria, Venezuela, Indonesia and Ecuador will also attend.

The Kuwaiti minister said last month that Kuwait would not agree to a freeze in production unless all major producers, including Iran, accept the output cap.

Kuwait, which sits on around 7.0 percent

Anas Al-Saleh, Kuwait acting oil minister

of global crude reserves, is currently pumping 3.0 million barrels per day.

Iran has so far rejected attempts to freeze production and demanded an exemption to allow it to boost exports after the lifting of sanctions under its nuclear deal with world powers.

Oil prices tumbled Friday after Saudi Arabia’s deputy crown prince Mohamed bin Salman said the kingdom, the world’s top exporter, would only freeze output if Iran and other major producers did the same.