OPEC to discuss exit strategy of output cuts before June: Kuwait

OPEC and other oil producers will examine the possibility of a strategy to exit their output cut pact by June next year, Kuwait’s oil minister Essam al-Marzouq said on Sunday, cited by Reuters.

“There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June,” he said.

OPEC and a group of non-member oil producers, led by Russia, have agreed to extend until the end of 2018 their agreement to cut oil production by a combined 1.8 million barrels per day (bpd).

The cartel’s next meeting is in June, while the joint ministerial monitoring committee (JMMC) meets next month in Oman.