Kuwait backs Saudi Arabia’s call for talks on cutting oil output: report

Kuwait supports Saudi Arabia's call to renew talks on cutting oil supply due later this week and hopes for a successful outcome to stabilize the oil market, Reuters reported, citing oil minister Khaled Al-Fadhel.

Last week, Saudi Arabia called for an emergency meeting between OPEC and its allies as well as other oil producers. The OPEC+ is slated to hold a meeting on Thursday, April 9, to discuss a new pact on curbing output.

"We totally support Saudi Arabia and its current efforts in bringing back OPEC and non-OPEC countries to the table," Al-Fadhel said.

Brent oil futures fell to an almost 18-year low close on March 30 and remain down more than 50% from January levels.

While Kuwait over-complied with its previous pledges under the OPEC pact, it increased its output to 2.9 million barrels per day (mbpd) by the end of March after the collapse of the talks, the minister stated.

He said Kuwait plans to pump 3.15 mbpd in April, after resuming production from the Khafji and Wafra oilfields in the Neutral Zone, which it shares with Saudi Arabia, for the first time in five years.