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OPEC can phase out production cuts earlier than 2019

Participants of the OPEC+ deal may announce in June an exit strategy from global supply cuts if the market improves by June, Kuwait’s oil minister Essam al-Marzouq said on Sunday.

According to the minister, Russia is interested in an earlier exit from the global deal.

OPEC and other major producers on November 30 in Vienna agreed to extend the agreement on limiting production for another nine months - until the end of 2018. The terms of the agreement remained the same: the countries retain oil production at the level of October 2016, the export of oil and oil products is monitored, but not limited.

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