Kuwait backs call to extend oil output cuts — Asian energy firms fired up by rally in oil prices — Stock markets up Tuesday

Peace and Freedom

AFP

© AFP | Kuwait, whose Shuaiba oil refinery is shown here, has backed a call by top oil producers Saudi Arabia and Russia to extend a deal on crude production cuts for nine more months

KUWAIT CITY (AFP) – 

Kuwait on Tuesday backed a call by top oil producers Saudi Arabia and Russia to extend a deal on crude production cuts for nine more months.

“Kuwait gives its full backing and support to the joint position of Saudi Arabia and Russia to extend the oil output cuts deal between OPEC and other producers until March 2018,” Oil Minister Essam al-Marzouk said in a statement.

Russia and Saudi Arabia on Monday called for extending the deal struck late last year, ahead of an OPEC meeting on May 25.

In a joint statement the two countries said an extension to March 31, 2018 was needed “to ensure market stability, predictability and sustainable…

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