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.
On the demand side, crude imports in China increased 19.1% between January and February 2016 to 31.80 million tonnes.
United 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.