Kuwait OilMin: Global oil cuts can halt if market balances by June

Kuwait’s Oil Minister Issam Almarzooq told Bloomberg on the sidelines of the annual meeting of the Organization of Arab Petroleum Exporting Countries on Sunday, OPEC and its global allies including Russia may end their production cuts before 2019 if the crude market re-balances by June.

Key Quotes:

“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 re-balanced by June.”

“There is pressure from Russia to exit the deal as soon as possible” once the market is balanced.