Kuwait backs S. Arabia for balancing oil market -- official

KUWAIT, May 11 (KUNA) -- Minister of Oil and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel on Monday affirmed the State of Kuwait support for Saudi Arabia for restoring balance to the oil market.
The minister, in a statement to KUNA, applauded the existing coordination between the State of Kuwait and the Kingdom.
Kuwait will cut its crude output, voluntarily, by 80,000 barrels per day in June, in addition to the proclaimed cut of its output quota that had been agreed upon according to the OPEC-OPECplus deal.
Energy ministers of the OPEC members and partners (OPEC+ group) agreed, in April, to cut the daily oil output by 9.7 million barrels per day from May 1 to June 30, and by 7.7 mb/d for six months starting from July 1.
The 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, held via videoconference under the Chairmanship of Saudi Energy Minister Prince Abdulaziz Bin Salman, also approved a reduction by 5.8 mb/d for the subsequent 16 months. (end) mke.rk