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17 April 2024

Kuwait says new Opec cut won't lift prices: paper

By Reuters

Oil prices will not rise above $40 a barrel levels even if Opec cut output again by more than 2 million barrels a day at its coming meeting in March, a Kuwaiti oil official said in remarks published on Sunday.

Musa Marafie, a member of Kuwait's Supreme Petroleum Council, the top energy decision body, told national daily Annahar there is a huge surplus in the market due to non-compliance of several members with previous cuts.

Opec has agreed to cut production by 4.2 million barrels per day (bpd), about 5 per cent of daily world demand, since September to prop up prices.

The group next meets to set supply policy on March 15 in Vienna.