By Abdelwaheb El-Gueyed
VIENNA, Dec 6 (KUNA) -- Kuwaiti Oil Minister Khaled Al-Fahdel said Friday that all recent reports on a further oil production cut of 500,000 barrels are "mere suppositions".
Speaking to KUNA ahead of a ministerial meeting of OPEC and non-OPEC producers, Al-Fadhel said OPEC ministers were still negotiating an agreement, given that relevant resolutions are always unanimously made.
He added that the recommendations of the OPEC Joint Ministerial Monitoring Committee (JMMC) would be taken to the seventh ministerial conference of OPEC and non-OPEC producers., underling Kuwait's significant role in this committee since it was created.
He noted that the 1.2-million-barrel-per-day production cut decided in July was still in effect.
The cut and its duration, along with other relevant affairs, are mainly based on the circumstances of the global oil market with a view to ensuring stable and balanced markets.
On the 177th meeting of the OPEC Conference held late Thursday, the Kuwaiti minister said the conferees had mainly discussed cooperation between OPEC and non-OPEC producers regarding the cut deal and market monitoring.
He quoted cited a Russian suggestion aiming at applying the OPEC's rules to all members and non-members of the cartel.
On his part, OPEC Secretary-General Mohammad Barkindo hoped that the conferees would come up with recommendations and resolutions that could control oil price levels.
He reminded that the July output cut oil deal had opened a new chapter of cooperation between OPEC and non-OPEC members.
OPEC and non-OPEC oil ministers are scheduled to come together later today in order to look into a further production cut.
OPEC has been trying to curtail oil output to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in OPEC output cuts.
Hammered out in July, the current output cut deal expires in March 2020 and is reportedly expected to be extended at least until June. (end) amg.mt