Kuwait’s official news agency, KUNA, reported the comments from the country’s Oil Minister Khaled al-Fadhel:
“Kuwait is fully committed to implementing an agreement between oil-exporting countries to cut production in order to support crude prices.
Kuwait has cut its own output by more than required by this agreement.
Fears of a global economic downturn, which have weighed down on prices, were exaggerated.
Global demand for crude should pick up in the second half, helping reduce the surplus in oil inventories gradually.