Oil market oversupplied, demand weak -Kuwait

OPEC is unlikely to raise oil output when its minister meet in September as the oil market is still oversupplied, Kuwait’s oil minister said on Wednesday.

“I doubt there will be a further increase in production,” Sheikh Ahmad Abdullah al-Sabah told reporters at parliament when asked for comment about similar views by fellow OPEC members about the September meeting. The minister said demand was still less than supply.

Kuwait would like to see stricter compliance from OPEC members with agreed output curbs, Sheikh Ahmad said. “I would like to see more compliance.”
Maktoob