Kuwait oil minister says further cuts possible

Opec and non-Opec members to meet in Russia on Monday

Essam Al Marzouq, Kuwait’s oil minister (C), said further production cuts may be on the cards. Stephanie McGehee / Reuters

Kuwait's oil minister Essam Al Marzouq said compliance with oil production cuts by Opec and non-Opec countries is good and that deeper cuts are possible.

Asked about the possibility of further cuts to support the price of crude, the minister said: "Everything is open."

Ministers from Opec and other non-Opec producers will meet in the Russian city of St Petersburg on Monday to discuss the pact on cuts, which was reached earlier this year.

Mr Al Marzouq also said that a technical committee of Opec and non-Opec countries had heard and was happy with reports from Libya and Nigeria, and that discussions would continue on Monday.