Producer coordination would stabilise oil prices: Kuwait

(MENAFN- AFP) Kuwait said Sunday that an agreement on coordination between major OPEC and non-OPEC oil producers at a meeting in Doha in mid-April would help stabilise crude prices.

"When there is coordination between major producers in OPEC and non-OPEC countries, it will certainly help to stabilise prices," acting oil minister Anas al-Saleh told reporters.

"We believe that a common agreement on a positive stand will serve (oil) market stability," the minister said.

Saleh said Kuwait, OPEC's fourth-largest producer, would attend the highly anticipated meeting in Qatar, where major producers are to discuss freezing oil production to address a supply glut that has driven down prices.

Qatar has said that 12 countries have so far agreed to attend the April 17 meeting, including the world's top crude producers Russia and Saudi Arabia.

The United Arab Emirates, non-OPEC Oman and Bahrain, Nigeria, Algeria, Venezuela, Indonesia and Ecuador will also attend.

The Kuwaiti minister said last month that Kuwait would not agree to a freeze in production unless all major producers, including Iran, accept the output cap.

Kuwait, which sits on around 7.0 percent of global crude reserves, is currently pumping 3.0 million barrels per day.

Iran has so far rejected attempts to freeze production and demanded an exemption to allow it to boost exports after the lifting of sanctions under its nuclear deal with world powers.

Oil prices tumbled Friday after Saudi Arabia's deputy crown prince Mohamed bin Salman said the kingdom, the world's top exporter, would only freeze output if Iran and other major producers did the same.

US benchmark West Texas Intermediate for delivery in May slid $1.55 (4.0 percent) to $36.79 a barrel on the New York Mercantile Exchange.

Brent North Sea crude for June delivery, the global benchmark, finished at $38.67 a barrel in London, down $1.66 (4.1 percent).

All 13 OPEC members in addition to major non-OPEC producers have been invited to the talks.

Oil prices have plummeted more than 60 percent since mid-2014 partly because of oversupply.