Kuwait OilMin: Global oil market approaching stability

Al Rai, a Kuwaiti daily newspaper, reported comments from Kuwait’s Oil Minister Bakhit al-Rashidi, with the key headlines found below (via Bloomberg).

The global oil market was approaching stability based on the current oil production levels after the recent OPEC and non-OPEC agreement to boost output.

Gulf Cooperation Council states have plans if Hormuz shut.

Optimistic output to resume in a joint Saudi Arabian field.

Expects pact to import gas from Iraq by year-end.