Oil prices have fallen after OPEC member Kuwait said that it would only agree to an output freeze if all major producers also participate.
Brent crude futures LOCc1 fell 12 cents at $40.72 a barrel, while the US West Texas Intermediate (WTI) futures slipped 10 cents at $37.80 a barrel, Reuters reported.
The news agency reported Kuwait’s Finance Minister Anas al-Saleh as saying that the country would take part in an output freeze if all major oil producers, including Iran, are ready to participate.
Al-Saleh said: "I’ll go full power if there’s no agreement. Every barrel I produce, I’ll sell."
At present, the country is producing three million barrels of oil per day.
See Also:
On the demand side, crude imports in China increased 19.1% between January and February 2016 to 31.80 million tonnes.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUnited Arab Emirates Oil Minister Suhail Mazrouei said that most of the producers are compelled to freeze their oil production levels due to the existing market prices, AFP reported.
In February 2016, oil ministers from Venezuela, Qatar, Saudi Arabia and Russia met in Doha to discuss various ways to bring the oil market back to normal.
Image: The US WTI futures slipped 10 cents at $37.80 a barrel. Photo: courtesy of Anusorn P nachol/ FreeDigitalPhotos.net.